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Julius Baer To Cut Cost Base; Decides To Review Geographic Footprint

Julius Baer (JBARF.PK,JBAXY.PK) has decided to reduce its cost base by 200 million Swiss francs through productivity and efficiency measures. The measures include simplifying organisation, improving operational excellence, and reviewing geographic footprint. The company has also decided that the booking centre in the Bahamas will close.

With the company's shift from an asset-gathering strategy to one focused on sustainable profit growth, Julius Baer is starting a three-year programme which is expected to deliver more than 150 million Swiss francs of revenue improvements.

Julius Baer stated that the impact of the programme will start to materialise in 2021 and be fully realised by 2022.

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