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Julius Bär trims executive board to 9 from 15

Julius Bär Gruppe AG will reduce the size of its executive board and that of unit Bank Julius Bär & Co. AG to nine from 15 members, effective Jan. 1, 2020, in a bid to simplify its organizational structure.

As part of the move, the Swiss banking group said the five regions currently serving private clients will be combined into three geographic front units.

Julius Bär will also merge investment and wealth management solutions across discretionary and advisory services into one unit, while the group's markets division will be consolidated under CFO Dieter Enkelmann, along with treasury and credit management.

The group said the simplified structure will allow for a more agile setup focused on client needs and driven by faster decision-making.

Julius Bär also appointed Rémy Bersier chairman of private banking key clients, while Gian Rossi, currently region head for Switzerland, will leave the bank at the end of 2019 by mutual agreement.

Bersier, currently region head for emerging markets, will be responsible for supporting and advising on the development of the group's wealthy clients in his new role. He will also remain chairman of Bank Julius Bär Monaco.