Julius Baer Group, a wealth management firm based in Zurich, is undergoing a significant restructuring of its executive board, reducing the number of members from 15 to 5. This move aims to address governance issues following poor performance and a scandal involving the Signa real estate empire.
The company plans to cut costs by 110 million Swiss francs (approximately 120 million USD). This is the first strategic initiative under the leadership of new CEO Stefan Bollinger, who took over last month.
Reports indicate that Julius Baer has considered reducing its workforce by up to 10%. As of the end of 2023, the company employs around 7,400 people. Bollinger stated that the streamlined executive board and new leadership structure are intended to enhance accountability within the organization.
