The private banking group Quintet has said it will eliminate 300 roles globally over the next three years, but it remains unclear how many employees in Luxembourg will be affected.
Most of the headcount reduction will come from natural attrition and eliminating unfilled roles and not primarily from redundancies, it has said.
Quintet has around 1,650 employees globally, including roughly 700 in the Grand Duchy.
The bank has not indicated how many of the 300 positions will be cut in Luxembourg, and how much of the headcount reduction will be achieved from people retiring or leaving voluntarily for a new job.
Staff whose role has been cut will be able to apply for another position within the company, the bank said.
A spokesperson for Quintet told the Luxembourg Times in a statement on Friday: “In line with our strategy to become a leaner, more efficient and innovative organisation, we expect a net reduction of approximately 300 roles across our firm – which operates in more than 30 cities in Europe and the UK – over the next three years.
“This is a longer-term target rather than a set of immediate actions. It reflects how our work and priorities will evolve over time as we continue to strengthen our firm so we can serve our clients even better,” said the spokesperson.
Quintet said that “most role reductions are expected through natural attrition, redeployment and changes in how work is organised.”
“We will further invest in learning, development and internal mobility so colleagues can grow into areas where we expand,” the spokesperson said.
“It is important to note that many colleagues leave each year through voluntary resignation or retirement, and we currently have numerous open positions. Where possible, we will redeploy staff into these roles – promoting mobility across functions and markets and supporting reskilling. In that way, the impact of this role reduction will be minimised insofar as possible,” added the spokesperson.
For the financial year ending on 31 December 2024, the Quintet group posted net consolidated profits of €68 million on €572 million in operating income. That compares to a €47 million profit on €602 million in operating income the previous year.
It had €65 billion in private banking assets under management, as of 31 December 2024, compared to €60 billion the previous year. Assets under custody went from €25 billion to €30 billion and other client assets went from €7 billion to €5 billion over the same period.
A Quintet spokesperson told the Luxembourg Times that it has not started redundancy talks with employee representatives. “Given our focus on internal mobility opportunities, we do not anticipate any such process,” the spokesperson said on Friday.