Julius Baer to eliminate around 4% of jobs

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Julius Baer Group surged Monday after Switzerland’s third-largest wealth manager said profit almost doubled last year and raised its dividend.

Bloomberg News reports that the company also said it plans to eliminate 200 jobs and cut costs by 100 million Swiss francs ($108 million) in response to the country’s stronger currency.

The staff cuts represent about four percent of the bank’s global workforce and most of the savings will take place in Switzerland, Chief Financial Officer Dieter Enkelmann said on a conference call. 

'We were expecting them to announce some cost cuts and among the companies I follow they were one of the most affected by the currency move', Andreas Venditti, a Zurich-based analyst at Vontobel Holding AG, said by telephone. 

Hit the link below to access the complete Bloomberg article:

Julius Baer Will Cut About 200 Jobs to Lower Costs After Swiss Franc Surge

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