Finance
Julius Baer Plunges as Bank Announces Cuts But No Strategy Plan
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Julius Baer Group Ltd shares dropped more than 10% after the Swiss wealth manager announced job cuts and a governance revamp but left analysts waiting for a more detailed plan to boost growth.
New Chief Executive Officer Stefan Bollinger announced at his first results presentation that the executive board is being cut to five members from 15, and the bank will seek an additional 110 million Swiss francs ($120 million) in annual cost savings.