SCB Julius Baer, a strategic wealth management joint venture between Siam Commercial Bank and Swiss wealth management firm Julius Baer, has named Adrian Mazenauer as its CEO, starting immediately.

Julius Baer Group Ltd. last month brought in Stefan Bollinger to draw a line under painful losses caused by loans to a collapsed real estate conglomerate. But it was that past that ruined the new chief executive officer’s presentation of his first strategic moves.

Julius Baer had reportedly discussed reducing its workforce by 10% or less. The bank had about 7,400 employees at the end of 2023.

SCB Julius Baer, the strategic wealth management joint venture between Siam Commercial Bank and Julius Baer, has appointed Adrian Mazenauer as the new CEO effective immediately. SCB Julius Baer Securities Co.

By Ariane Luthi ZURICH (Reuters) -Swiss bank Julius Baer plans to cut its workforce by about 5% under new chief executive Stefan Bollinger and is reducing the size of its executive board as it reorganises after heavy losses from exposure to failed property group Signa.

The wealth manager’s shares fell after it said it envisions cutting around 400 positions, extending its cost-saving program.