Julius Bär faces more cost-cutting

Swiss private bank Julius Bär says it will shed some jobs across the organisation in what is a third cost-cutting round this year.

This content was published on September 30, 2011 minutes and agencies

But the bank has declined to confirm a report in Neue Zürcher Zeitung newspaper that 150 posts were at stake, mainly in private banking and investment solutions.

"We're going to cut material costs but some jobs will also have to go," bank spokesman Jan Vonder Muehll told Reuters, adding the savings would be made in all operations and not only in Switzerland. Jobs would be shed through natural fluctuation, he said.

Julius Bär had already implemented some cost-cutting measures in February and June. In April it agreed to pay €50 million (SFr61 million) to German authorities to settle a tax evasion dispute.

However, Switzerland's largest listed pure private bank remains on the lookout for acquisitions and has been linked with a number of potential domestic and foreign targets since buying a minority stake in Brazil's GPS in May.

The Zurich-based bank, which reported a fall in first-half profit in July, employs around 3,500 staff.

Articles in this story

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

Contributions under this article have been turned off. You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at

Share this story

Change your password

Do you really want to delete your profile?