Feb. 17 (Bloomberg) -- Julius Baer Group Ltd. cut Chief Executive Officer Boris Collardi’s pay by 29 percent last year after the Swiss wealth manager reported a decline in profit.
Collardi, 37, earned 5.7 million Swiss francs ($6.2 million) in 2011, compared with 7.9 million francs the previous year, according to the Zurich-based firm’s annual report published today. His cash bonus was cut by a third to 2 million francs while deferred share payments were reduced by the same amount to 1.33 million francs.
Collardi also voluntarily reduced his base salary by 10 percent for the 10-month period through June 2012, according to the annual report. That salary totaled 943,467 francs last year.
Julius Baer, founded in 1890, reported a 27 percent drop in 2011 profit and lowered its medium-term target for pretax profit, citing a “changed market environment” and the strength of the Swiss currency. UBS AG and Credit Suisse Group AG, Switzerland’s biggest banks, cut bonus pools last week by 40 percent and 41 percent respectively as lenders worldwide curb pay to address shrinking revenue.
Julius Baer has climbed 2.1 percent this year in Zurich trading after declining 16 percent in 2011.
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