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Julius Baer says launches 100 mln Sfr cost savings programme
February 2, 2015 / 6:26 AM / 3 years ago

Julius Baer says launches 100 mln Sfr cost savings programme

ZURICH, Feb 2 (Reuters) - Swiss bank Julius Baer said on Monday it has launched a roughly 100 million Swiss franc ($108.03 million) cost savings programme in response to the recent appreciation of the Swiss currency.

“Personnel expenses will be decreased by a combination of a controlled hiring and resource reallocation as well as the elimination of approximately 200 positions through natural attrition and staff reductions predominantly in mid- and back-office functions,” the bank said in a statement.

The Zurich-based private bank said adjusted net profit rose 22 percent to 586 million francs, below expectations of 603 million francs in a Reuters poll of analysts.

Net new money - fresh funds from wealthy clients - for the year was 5 percent, within its target of 4 to 6 percent. Assets under management stood at 291 billion francs at the end of 2014.

The bank also said it had decided to go ahead with renewing its IT global platforms and that it had selected Temenos to begin planning of its core banking platform replacement.

$1 = 0.9257 Swiss francs Reporting by Joshua Franklin; Editing by Maria Sheahan

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