Julius Baer plans to axe 130-140 jobs, or around 2 percent of its workforce, as part of a cost-cutting plan announced on Monday, after a tough end to 2018 caused the Swiss private bank to scale back growth targets.

Reuters reports that Switzerland’s third-largest listed lender on Monday announced a $100.3 million cost savings programme after reporting a 6 billion franc decline in managed assets in 2018 and missed its profitability and cost-income targets.

In the meantime, Bloomberg News reports that Adam Savarese, who helped lead distressed-debt trading at Goldman Sachs Group Inc., is leaving the firm amid an ongoing churn among the investment bank’s top ranks.

Savarese, officially the co-head of leveraged-finance trading, is expected to depart in coming weeks, according to people with knowledge of the matter. His time at Goldman Sachs was spread across two stints, separated by more than a decade at Morgan Stanley.

Julius Baer to cut jobs as profitability lags

Goldman Distressed-Debt Trading Head Adam Savarese Is Leaving