Annual profit for 2024 increased to 1.02 billion Swiss francs, more than double the 2023 amount which was impacted by losses linked to the Signa real estate bankruptcy. Assets under management grew 16% to 497 billion francs, according to the statement.
Julius Baer Group’s new CEO Stefan Bollinger announced a radical revamp of the bank’s governance in his first moves in charge, and signalled that job cuts are on the way.
The Swiss wealth manager’s executive board is being cut to five members from 15, and the bank will seek an additional 110 million Swiss francs ($163.92 million) in annual cost savings, it said in a statement Monday.
