Operating as a subsidiary of Deutsche Bank, the lender which serves ultra net worth clients in the country, currently employees nearly 870 staff, as reported by wealthbriefing.com.
Enforced redundancies will be avoided and the maximum numbers of jobs will go in settlement, IT and infrastructure divisions, followed by the operational business segments.
Oppenheim CEO Dr Wolfgang Leoni was quoted by the news agency as saying that the job cuts are necessary to ensure optimum operation of the wealth management business of the bank.
"In future we will focus on our bank’s traditional strengths in client advisory service and investment management," Leoni added.
Regional reorganization is being carried out by the asset manager to increase operational efficiency and it is expected that firm will concentrate on central locations in each region.
