Swiss private banking group Julius Baer has downsized its executive board from 15 to nine members in an effort to simplify operations.

Under the revamped structure, the executive boards of Julius Baer Group and Bank Julius Baer & Co will be aligned.

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Investment and wealth management solutions across discretionary and advisory services will be combined, while intermediary clients will remain a distinct business.

As part of the changes, the CFO will take over the management of Julius Baer’s Markets division, currently managed by Luigi Vignola, as well as treasury and credit management.

Additionally, the five regions tending to private clients will be restructured into three geographic units.

Other changes include the appointment of Rémy Bersier as chairman of private banking key clients while continuing to chair Bank Julius Baer Monaco.

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Meanwhile, Swiss head Gian Rossi will depart at the end of this year by mutual agreement following a 13-year stint at the bank.

The changes will be effective from 1 January 2020.

Julius Baer CEO Philipp Rickenbacher said: “Both Rémy Bersier and Gian Rossi have been instrumental in Julius Baer’s success over the past decade, and I would like to thank both of them for their contributions since they joined the Executive Board of Bank Julius Baer in 2006.

“Gian Rossi was equally influential in expanding our footprint in international markets as he was in cementing our strong position in Switzerland – we will build on his achievements and wish him all the best for his future.”