Of the 700 staff members employed by the bank in Luxembourg, just 40 will be transferred to the Frankfurt office.
Pictet's key activities in the Grand Duchy, including Pictet Wealth Management, Pictet Asset Management, Pictet Alternative Advisors, Pictet Asset Services, Fund Partner Solutions and Pictet Technologies, will remain as they are, with the group retaining more than 650 employees in Luxembourg.
The Frankfurt move is said to be a strategic decision aimed at strengthening Pictet's presence in Germany and is set to take place in the second half of 2022.
The Swiss bank has had a presence in Luxembourg since 1989.
