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.
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