Swiss private banking group Julius Baer is planning to slash 300 jobs after its net profit slumped 37% to CHF465m in 2019 on a year-on-year basis.
The news comes exactly a year after the Swiss private bank announced it was cutting 100 jobs as it grapples with lower growth.
The job cuts are part of CEO Philipp Rickenbacher's three-year plan to improve the bank's profit margins. The bank now plans to "shift from an asset-gathering strategy to one focused on sustainable profit growth". Read more >>