Swiss bank to cut 200 jobs in savings drive
Julius Baer plans to cut some 100 million Swiss francs (€95 million) of costs over currency surge
The offices of Julius Baer in Geneva, Switzerland: the group aims to cut both personnel and general costs. Photographer: Valentin Flauraud/Bloomberg
Swiss bank Julius Baer plans to cut around 100 million Swiss francs (€95 million) of costs, including about 200 jobs, blaming the recent surge in the Swiss currency.
The value of the safe-haven franc rocketed last month after the Swiss National Bank unexpectedly ended its currency cap on the euro. Switzerland’s banks are expected to be hard hit, because the bulk of their spending is in francs. Private bank Julius Baer, which employs around 5,250 staff worldwide, said it aimed to cut both personnel and general costs. It will axe jobs mainly in mid- and back-office positions, the majority of them in Switzerland.
It said it expected to achieve most of its savings this year as it published full-year results.
Zurich-based Baer said adjusted net profit in 2014 rose 22 per cent to 586 million francs.