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.
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