The wealth manager’s shares fell after it said it envisions cutting around 400 positions, extending its cost-saving program.

Julius Baer had reportedly discussed reducing its workforce by 10% or less. The bank had about 7,400 employees at the end of 2023.

JULIUS Baer Group’s new chief executive officer Stefan Bollinger announced a radical revamp of the bank’s leadership and a cost-cutting drive that will claim hundreds of jobs at the Swiss wealth manager.

By Ariane Luthi ZURICH (Reuters) -Swiss bank Julius Baer plans to cut its workforce by about 5% under new chief executive Stefan Bollinger and is reducing the size of its executive board as it reorganises after heavy losses from exposure to failed property group Signa.