Vontobel, the Swiss bank and asset manager, is pulling out of the US brokerage business and is closing its Frankfurt asset management operations.

The firm recently reduced staff by 50 people, including the four from the New York broking business, which will be run from Zurich and its German asset management operations will be handled from existing Cologne and Munich offices. No jobs will be lost in the asset management change. The latest measures are part of a cost cutting exercise