Bloomberg News

Julius Baer May Cut More Than 150 Jobs Unless Market Picks Up

September 30, 2011

Sept. 30 (Bloomberg) -- Julius Baer Group Ltd., Switzerland’s fifth-biggest wealth manager, said it may cut more than 150 jobs unless the market picks up.

“There’s no hard timetable or target for cutting positions -- it could be less than 150, it could be more,” spokesman Jan Vonder Muehll said today in a phone interview from Zurich. “We’ve already trimmed a lot of the fat elsewhere, so the next round will involve personnel cuts.”

Baer is embarking on a third round of cuts this year and may cut staff in “growth markets” such as Hong Kong and Singapore as well as in Switzerland, Vonder Muehll said. The Zurich-based bank, which reported a 21 percent decline in first- half profit in July, employs about 3,500 people.

The job cuts were reported earlier today by Neue Zuercher Zeitung.

--Editor: Dylan Griffiths, Stephen Taylor.

To contact the reporter on this story: Leigh Baldwin in Zurich at lbaldwin3@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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