Swiss wealth management company Julius Baer yesterday announced in a press statement that it is closing its New Providence booking center, which will affect the jobs of 30 employees.
A spokesperson for the company, who wished to remain anonymous, explained that “The affected employees will receive severance packages.”
According to the spokesperson, the job cuts will be staggered.
The statement said the move comes as the company introduces an efficiency and productivity program designed to address margin pressure and structurally lower the group’s cost base by 2022.
“The program will include the simplification of the organization, the streamlining of front office structures and the review of locations based on future growth potential. As part of this analysis, Julius Baer has decided to close the Nassau booking center. All the necessary steps for this process are being taken in close alignment with the relevant authorities,” the company revealed in the statement.
“The booking center will remain operative for an appropriate period of time in order to allow for an orderly dissolution of the business. The group is committed to offer all affected clients a suitable alternative. All employees have been made aware of this decision.
“The group will assist them throughout this process and continues to rely on their professionalism and support. After its longstanding commitment to The Bahamas, Julius Baer has not taken this decision lightly and regrets the impact of this group-wide program on local staff and clients.”
Julius Baer has more than 60 operations around the world in Europe, Asia Pacific, the Middle East, Africa and Latin America and is a leading Swiss management group.