Daniel Regli's questions to Julius Baer Group (JBAXY) leadership • Q2 2022
Question
Daniel Regli of Credit Suisse asked about the drivers behind the reduction in Relationship Manager (RM) headcount, questioning if they were intended or regretted departures. He also inquired about the increase in back-office staff and the future outlook for the back-to-front ratio.
Answer
CEO Philipp Rickenbacher attributed the RM decline mainly to divestments and natural attrition, emphasizing that regretted losses have been extremely small. CFO Evie Kostakis added that much of the non-RM FTE increase came from cost-neutral internalizations and new trainees, and she does not expect significant growth in this area due to a hiring freeze.