Swiss private bank Sarasin turned in a first-half loss today after goodwill charges and restructuring costs.
Sarasin said it made a net loss of 33.18 million Swiss francs compared to a proforma profit of 34.26 million francs in the same period last year.
Choppy market conditions, which also hit the bottom line, depressed total assets under management by 6.7 per cent to 51.6 billion francs.
But the bank reported net new money inflows of 700 million francs in the second half.
Sarasin said that by the end of the year it would have 100 fewer staff from the 1,313 people it employed as of end June following the deal in which Rabo took a 28 per cent stake in the group in return for its private assets under management.
The expected restructuring costs of the deal of 41.6 million francs were charged to the first-half figures as a provision.
It also took a 16 million francs goodwill charge as it has opted to write down the 328 million francs in goodwill over 10 years.
However, it said it could have to make an additional write-off at the year-end stage because the total amount of goodwill may have to be increased.