Julius Baer announces 400 job cuts, executive board revamp

Kronen Zeitung

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The Swiss Julius-Bär Group has significantly increased its profits in the previous year after a collapse. The newly appointed head Stefan Bollinger is now tightening up the austerity rate. For example, the management is reduced from 15 people to five, and a total of 400 jobs are cancelled. In addition to Bollinger, manager Nic Dirtmann, risk manager Oliver Bartholet, finance manager Evie Kostakis and chief lawyer Christoph Hiestand are also in t…

SWI swissinfo.ch

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Swiss private bank Julius Bär cuts 400 jobs despite profit boost

Swiss private bank Julius Baer Group will shed 400 jobs despite seeing profits rise significantly last year.

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Julius Baer announces 400 job cuts, executive board revamp

The executive board is being cut to five members from 15, and the bank will seek an additional 110 million Swiss francs ($120 million) in annual cost savings.

Schweizer Radio und Fernsehen (SRF)

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The private bank wants to expand its ongoing savings program under the leadership of the new CEO.

Private Banker International

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Julius Baer sheds 400 jobs, downsizes executive board

Julius Baer has announced 400 job cuts and shrunk its executive board in a cost-cutting push under new CEO Stefan Bollinger. The impacted jobs constitute about 5% of the Swiss private bank’s workforce. The company’s executive board has now been trimmed from 15 to 5 members, as it eyes another CHF110m in cost savings. This new board includes Bollinger, chief operating officer (COO) and deputy CEO Nic Dreckmann, chief risk officer Oliver Bartholet…

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In this sense, the entity has indicated that it expands its cost program with the objective of achieving an additional gross savings of 110 million Swiss francs. Therefore, it is also reducing the executive board from 15 to five members with immediate effect and has chosen not to launch a new program of buyback of shares. "This is the first step to create a more efficient and simple way to manage our business. We will apply the same principles t…