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Despite its broader cost-cutting push, Julius Baer appears to be signaling an ongoing focus on digital assets with a key crypto hire.
Swiss wealth management group Julius Baer is cutting costs under its new CEO Stefan Bollinger, but the bank seems to be keeping an interest in digital assets by hiring crypto specialist Michael Martin, who has joined as a client advisor in Zurich, focusing on digital assets.
In a LinkedIn announcement, Martin said he’ll be advising clients “with needs in the area of digital assets.”
“I look forward to supporting our clients — whether they value our deep experience and trust, seek best-in-class advisory, or aim to explore the exciting opportunities that digital assets present.”
Michael Martin
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Martin has been in the crypto space for a long time, getting his start in 2014 at Kimura Capital, a London-based provider of trade finance credit for commodities. More recently, he worked at Amina Bank (formerly known as Seba Bank), where he focused on institutional crypto clients. Julius Baer also reportedly holds a minority stake in Amina Bank, where its CFO Evangelia Kostakis serves on the board.
The hire comes as Julius Baer undergoes a restructuring program. The initiative includes job reductions among relationship managers and aims to trim costs by around $120 million per year. Per reports, Julius Baer’s reorganization includes workforce reductions of about 400 jobs, with team leader positions being cut in Hong Kong and Singapore.
Read more: Swiss AMINA Bank removes custody fees for USDC to woo stablecoin holders
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