ZURICH (Reuters) – Swiss bank Julius Baer plans to make hundreds of job cuts and slim down its executive board under new CEO Stefan Bollinger, a source familiar with the matter said on Tuesday.
The wealth manager, which in November flagged that it might have to take additional cost-saving measures in the near future, is due to announce its 2024 full-year results next week.
A spokesperson for the bank did not immediately reply to a request for comment on the planned cuts, which were earlier reported by U.S. news agency Bloomberg.
There are currently 15 members on the executive board of Julius Baer, which is working to restore investor confidence after the bank suffered hundreds of millions of dollars worth of losses due to loans to failed property group Signa.
That led to a shake-up that ushered in the appointment of Bollinger, who started work on Jan. 9. Earlier this week, the bank said chairman Romeo Lacher would step down in April.
(Reporting by Reuters News; Editing by Jan Harvey)
