2/3/2020, 12:06 PM (Source: TeleTrader)
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Julius Baer cutting 300 jobs on 2019 profit drop

Swiss Julius Baer Group AG announced on Monday a new three-year strategy to increase annual growth in the company's profits.

The move comes after the wealth management firm reported its adjusted net profit decreased 5% on an annual basis in 2019. Net profit attributable to shareholders fell 37% in the same period, mainly due to legal costs and a writedown relating to Baer's Italian arm Kairos.

Baer's chief executive Philipp Rickenbacher stated the company will strive to better its adjusted cost-income ratio to 67% by 2022, an improvement to the 71% achieved in 2019. This will be achieved through cost-cutting measures that aim to save 200 million Swiss francs. As a part of the plan, Rickenbacher said the bank will cut 300 jobs in 2020.

Baha Breaking News (BBN) / MD