It is understood that only a handful of staff will be affected by the decision.

“Clients in the Birmingham region will continue to be served out of our London and Manchester offices,” a spokesperson for Credit Suisse said.

The firm has had a private banking office in the city, renowned as a centre of UK manufacturing, since 2008.

A number of banks, operating in a climate of tight margins and economic uncertainties, have closed regional offices, cut staff and consolidated the number of their booking centres in recent months, both within the UK and around the world. Earlier last week, UK-based wealth manager Brewin Dolphin made five redundancies in Aberdeen, Scotland. These are job cuts the firm said were made as part of a restructure of the office in line with market requirements.

EFG Bank, part of EFG International, is shutting its office in Lugano after having been present in the Swiss town for barely a year because it fears it will take too long for this centre to become profitable. Bank of America has decided to shut its private bank in Brazil.

In the previous decade, a number of private banks expanded their UK regional footprint as part of a general expected rise in investable wealth across the country, targeting regions that had not traditionally been seen as affluent hotspots. Among the firms that have expanded their offices are Société Générale Private Banking Hambros, Coutts and Barclays Wealth.