Julius Bär Gruppe AG's review of its strategy could include reducing its workforce by 5% to 10%, several sources familiar with the matter told finews.com reported.
The total number of possible job cuts has not yet been finalized and is expected to be announced with the group's full-year 2019 results on Feb. 3, 2020, according to the report.
One source familiar with the plan told finews.com that Julius Bär will not shy away from cutting jobs at its influential 1,500-strong private banking division and will lay off unprofitable advisers, even if they are managing considerable assets. The lender is also anticipated to let go of smaller and less profitable clients, the source added.
Earlier, fellow Swiss private bank EFG International AG dismissed as false media reports about its potential acquisition by Julius Bär, saying the claims were unfounded and misleading. Earlier in December, local news website Inside Paradeplatz reported that Julius Bär CEO Philipp Rickenbacher was discussing a potential deal with EFG's owners.