Swiss bank Mirabaud closes brokerage unit due to poor performance

Mirabaud & Cie SA closed its brokerage arm last month as part of a strategic overhaul that would see the Swiss bank focusing on its core services including wealth and asset management, as well as corporate finance. Poor performance of the unit contributed to the decision, people familiar with the matter said, asking not to be identified discussing internal information. As a result, fixed income and equities brokerage as well as research coverage of public companies will no longer be active. + Get the most important news from Switzerland in your inbox “Mirabaud’s corporate finance division has decided to concentrate its activities on M&A transactions advisory, debt advisory as well as alternative investment vehicles advisory,” a Mirabaud spokesperson said in an emailed statement without commenting on the performance of the brokerage business. The move spanning the bank’s global operations means a loss of 17 jobs, including five each in Switzerland and the UK, and seven in Spain ...