ZURICH/GENEVA, July 4 (Reuters) - Union Bancaire Privee(UBP) plans to cut around 300 jobs from the internationalprivate banking arm of Lloyds Banking Group Plc whichit just bought, three sources familiar with the matter said.
Geneva-based UBP's purchse of the unit from the bailed-outBritish lender added 7.2 billion pounds in assets and 500 staffin branches in Geneva, Zurich, Monaco and Gibraltar.
Other recent acquisitions include ABN AMRO's Swiss privatebanking arm, Paris-based asset manager Nexar and a portfolio ofassets from Spanish bank Santander's Swiss asset management arm.
UBP's revenue fell 9 percent in 2012 despite an 8 billionSwiss franc ($8.43 billion) rise in assets undermanagement.
Asked about the planned redundancies, UBP spokesman JeromeKoechlin said in an emailed response to Reuters: "There will besynergies but it is premature to provide any figure at thisstage."
One of the sources said that employees working on accountsof "ultra high net worth" individuals - generally clients with$25 million or more in liquid assets - would be ringfenced.
Private banks have become more focused on courting mega-richclients in recent years because of their potential to help boostrevenues faster.
Lloyds (LLOY)
