HSBC Private Bank is to cut more than one hundred staff from its Switzerland base, as the Geneva headquarters looks to reduce costs following poor results.

In the past twelve months, HNWI clients at HSBC have withdrawn more than $1 billion. According to media reports, many of the back office support in Switzerland will be related to the cheaper employment centres of Poland or Mumbai.

By contrast, fellow Switzerland headquartered private bank Julius Baer h...