Julius Bär bank sheds jobs

Private bank Julius Bär says it is slashing 150 jobs as part of its third cutting round this year.

This content was published on November 14, 2011 minutes and agencies

All sectors will be affected by the programme to be effective by the middle of next year, according to a company statement.

The bank hopes to achieve cost reductions of SFr40 million ($44.4 million) annually.

Julius Bär already implemented similar measures in February and June.

The Zurich-based bank, which reported SFr166 billion assets under management in October, employs around 3,600 staff worldwide.

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