Julius Baer confirmed 150 jobs will be cut
globally to help it save CHF40m ($44m) per annum.
In its Q3 results, the Swiss private bank made
no mention of the possible acquisition of Rabobank- owned Bank
Sarasin.
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Julius Baer said about CHF30m of the savings
will come from job cuts, although it did not say which divisions
would be affected.
About CHF10m of the reductions will come from
property and IT-related write-downs.
Assets under management amounted to CHF166bn
at the end of October 2011, unchanged from the end of June
2011.
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By GlobalDataNet new money buoyant
Julius Baer said net new money (NNM) inflows
for the first 10 months, on an annualised basis, were close to the
group’s 4–6% target.
This NNM figure did not include the
contribution of Macquarie Private Wealth Asia.
Last month, Julius Baer entered into a
strategic partnership with Macquarie Group, allowing the Swiss bank
to acquire its Australian counterpart’s private wealth business in
the region.
Macquarie Private Wealth Asia, which operates
from offices in Singapore and Hong Kong, manages total client
assets of around $1bn.
Cost/income ratio for the first 10 months of
the year was slightly better than the 67% reported in the second
quarter, Julius Baer said.
