Zurich: Julius Baer announces redundancies
In Switzerland, the bank, which got into difficulties as a result of the Signa complex, wants to cut 400 jobs - mainly in the back office area.
Julius Baer will be cutting numerous jobs in Switzerland over the next few months. According to the Swiss Bank Employees Association, media reports to this effect have been confirmed. According to its own information, the Zurich-based bank currently employs almost 7,600 people internationally. In Switzerland, 400 jobs are to be cut, most of them in back office and IT functions.
The timing and communication of the decision has caused a lack of understanding among the bank staff association. After all, the bank's profits have recently recovered and last year the workforce was increased by 170 jobs. Loans to the now insolvent real estate company Signa, owned by Austrian entrepreneur René Benko, had severely impacted Julius Baer's figures - according to CEO Stefan Bollinger, the bank is still struggling with the aftermath.
Although the majority of the job cuts will be in areas without customer contact, savings have also been announced in high-ranking functions. The management team, for example, will be reduced from 15 to five people. (aw)
