EFG plans restructuring

Private bank EFG International said it will look to cut jobs, sell its financial products unit and close several booking centres and offices as part of a restructuring launched under new chief executive John Williamson. The Switzerland-listed bank will slash 10-15 per cent of jobs in the next 18 months to reduce costs and return to profit, and will aim to reduce its stake in EFG Financial Products from 57 per cent to below 20 per cent, Williamson said yesterday.