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Julius Baer announces €114M cost-cutting measures | ![]() |
Monday, 04. February 2019 08:07 |
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Swiss Julius Baer Group AG announced it was launching a cost-cutting program aimed at reducing its expenses by 100 million Swiss francs (approximately €114 million). The Zurich-based bank said the program's measures include "enhancing market focus and related prioritization of resource allocation, leveraging automation and digitalization, and applying stricter performance management." A planned 2% reduction of the workforce will be conducted by the end of 2019. "Julius Baer ended 2018 with stable profit and robust net new money growth − and we did so in an environment that was challenging for the entire industry. We continue to make strategic growth investments and have initiated a structural cost reduction programme to absorb revenue fluctuations from potential market headwinds over the short to medium term," CEO of the bank Bernhard Hodler said in a press release. |
Related Links: Julius Baer Gruppe AG |
Author: Breaking the News / MD |