Julius Baer announces job cuts as FY profit lags

Swiss private bank Julius Baer has announced that it will cut 2% of its headcount by the end of 2019, in order to bring its spendings under control. Julius Baer will lower expenses by CHF100m by further enhancing market focus and related prioritisation of resource allocation; leveraging automation and digitalisation; and applying stricter performance management. The bank reported that its full year 2018 IFRS net profit attributable to shareholders grew by 4% to CHF735m and IFRS earnings per share rose by 4% to CHF3.37. Adjusted net profit for the Group increased slightly to CHF810m fr...