Vontobel Holding AG could cut up to 140 out of 400 jobs at Notenstein La Roche Privatbank AG after acquiring the bank from Raiffeisen Schweiz Genossenschaft for CHF700 million, Reuters reported, citing Swiss newspaper Tages-Anzeiger.

The job cuts would come from IT-related roles and other back office functions, the July 5 report said. A Vontobel spokeswoman confirmed the plan to Reuters.