Julius Baer layoffs: Banking giant plans major restructuring efforts

Julius Baer layoffs Banking giant plans major restructuring efforts

Julius Baer layoffs Banking giant plans major restructuring efforts

Julius Baer has announced plans to lay off around 5% of its staff or nearly 400 employees. It is part of a cost-cutting strategy launched by CEO Stefan Bollinger. The decision comes after the banking giant suffered significant financial losses.

The planned layoffs are expected to help the company save nearly $120 million. CEO Bollinger is aiming for a leaner and more efficient business. The job cuts, if proposed, are going to impact some 400 employees, confirmed Operations Chief Nic Dreckmann.

Shares of Julius Baer fell sharply by more than 8% after the bank released a disappointing profit report. The bank is also planning to reduce its executive board to just 5 members. The CEO believes the planned leadership structure can bring in accountability and discipline.

About S panda

I hold a deep interest in politics, human rights and climate change. I let empathy take the front seat, preparing breaking pieces that spark discussions or prick one's curiosity. I'm all for reporting the important in the right manner.
My journalism journey started during my college years as a Civil Engineering student. I became fond of art, shifting to my current career. I'm pursuing Masters in Journalism and Mass Communication, and aiming to bring a bigger change through my reports.

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