The Swiss Bank Employees' Association (SBPV) expressed outrage over Julius Baer’s approach to the cost-cutting program announced on Monday. The association stated in a statement on Thursday that it would work to ensure that as few employees as possible lose their jobs.

According to SBPV estimates, about one in ten jobs at Julius Baer in Switzerland could be affected by the cuts. The association also criticizes the fact that social partners were only informed about the «clear-cutting» after media reports had already surfaced and the consultation process had already been initiated.

Although the existing social plan provides a good basis for cushioning the social impact of dismissals and early retirements, the SBPV demands additional accompanying measures, particularly to protect older and long-standing employees in lower and middle ranks.

The association also calls on the bank to maintain its locations and ensure that no jobs are relocated abroad purely for cost reasons.

Lack of a clear strategy

The SBPV accuses the bank of lacking a clear strategy. «Not only the scale of the announced cuts of nearly 400 jobs in Switzerland—most of them in back-office and IT functions—but also the excessive haste of this latest round of cost-cutting at the expense of employees shocks us,» the statement continues. Julius Baer had already carried out mass layoffs in 2020, 2021, and 2024. «At the same time, the bank increased its workforce by 170 employees just last year.»

The job cuts were announced before even the outlines of the new CEO’s strategy had been made public.

Cost reduction of 100 million francs

On Monday, the bank announced a cost-cutting program worth 110 million francs, coinciding with the release of its annual results. The plan includes job cuts affecting around 5 percent of employees, or approximately 400 people, most of whom will be laid off in Switzerland.

The new strategy under the new CEO, Stefan Bollinger, is expected to be presented «before the summer.» The bank also reduced its executive board from 15 to only 5 members.