trending Market Intelligence /marketintelligence/en/news-insights/trending/pLxgj7QQMOcv03bxzym7Tg2 content esgSubNav
In This List

Report: Julius Bär weighing significant job cuts as part of strategy review

Blog

Banking Essentials Newsletter: July Edition - Part 2

Blog

Anticipate the Unknown Go Beyond Fundamentals to Uncover Early Signs of Private Company Credit Deterioration

Blog

Taking Loss Given Default Estimation to the Next Level: An Aspiration for All Creditors, Not Just Banks

Blog

Anticipate the Unknown A Fundamentals Approach to Detect Early Signs of Private Company Credit Deterioration


Report: Julius Bär weighing significant job cuts as part of strategy review

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.