Wednesday, February 5, 2020

Julius Baer to slash 300 jobs and close Bahamas office

Swiss private banking group Julius Baer is planning to slash 300 jobs after its net profit slumped 37% to CHF465m in 2019 on a year-on-year basis.

The news comes exactly a year after the Swiss private bank announced it was cutting 100 jobs as it grapples with lower growth.

The job cuts are part of CEO Philipp Rickenbacher's three-year plan to improve the bank's profit margins. The bank now plans to "shift from an asset-gathering strategy to one focused on sustainable profit growth".  Read more >>