Private bank Julius Baer to cut jobs to save £80m amid UK expansion

Wealthy private bank Julius Baer said UK expansion was going well despite having to cut jobs globally as part of a Swfr100 million (£77 million) cost-saving drive.

The firm, which opened new offices in Manchester, Leeds and Edinburgh last year, pointed to “very solid” flows of cash from customers in the UK and said that revenues had grown after hiring more relationship managers.

However, performance was disappointing and group profits fell 1% to Swfr 977 million because of rising costs.

The company will shave off 2%, or 134 staff, of its 6693-strong workforce by the end of this year.

Chief executive Bernard Hodler said the firm would “slow down the pace with regard to hiring” and confirmed there would be redundancies.

“I cannot give you the exact number because we also want to grow in certain areas,” he added.

Julius Baer is also set to conclude a three-year Deferred Prosecution Agreement with the US Department of Justice, agreed in 2016.

“By expectation is the DPA should be gone by the end of the week,” said Hodler.