Despite the broader cost-saving push, Julius Bear appears to be making an announcement that he has a continuous focus on digital assets with critical crypto rentals.
Julius Bear of Swiss Wealth Management Group is cutting costs under new CEO Stefan Bollinger, but the bank appears to be interested in digital assets by joining as a client advisor in Zurich and hiring cryptography specialist Michael Martin, focused on digital assets.
In an announcement on LinkedIn, Martin said he would advise clients “with needs in the field of digital assets.”
“Whether our clients value our deep experience and trust, seeking best-in-class advice or exploring the exciting opportunities our digital assets present, we look forward to supporting them.”
Michael Martin
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Martin started in 2014 with Kimura Capital, a London-based provider of goods trade finance credits. More recently, he worked for Amina Bank (formerly known as Seba Bank), where he focused on institutional crypto clients. Julius Bear also reportedly owns a minority stake in Amina Bank, where CFO Evangeria Costakis works for the board.
As Julius Baer undergoes a restructuring program, employment will occur. The initiative includes job cuts between relationship managers, aiming to cut costs by approximately $120 million a year. The report says the Julius Bear restructuring includes a labor cut of around 400 jobs, cutting team leader positions in Hong Kong and Singapore.
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