Swiss financial regulator Finma said it had opened an enforcement procedure against Julius Baer Group Ltd., stepping up action against the bank over risk failures linked to the collapse of the Signa real estate empire.

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.

Julius Baer Group Ltd shares dropped more than 10% after the Swiss wealth manager announced job cuts and a governance revamp but left analysts waiting for a more detailed plan to boost growth. Most Re

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

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