Vontobel is the latest Swiss private bank to cut an undisclosed number of jobs as the industry “braces for lost revenue due to pressure on the country to stop harbouring tax evaders,” Reuters reports.

The news service said a spokesperson confirmed comments made by the firm's chief executive, Zeno Staub - in an interview with Germany's Handelszeitung newspaper yesterday - that the bank would “have to lose an unspecified number of positions”.

The cuts are due to a “renewed focus” on the firm’s core markets - Switzerland, Germany, Italy, the US and Austria, as well as emerging markets such as Hong Kong, the spokesperson reportedly told Reuters.

The impacts of the cuts on Spain, Sweden and Luxembourg are “unclear”. However, the spokesperson did say the cuts were unlikely to affect the firm’s investment banking arm, telling Reuters that it is “happy with its size”.

Vontobel declined to comment on the job cuts when contacted by WealthBriefing.

In March, the firm announced that Georg Schubiger, a senior manager at Danske Bank, is to become the new head of its private banking business unit with effect from 1 September 2012.