Less than two years after it poached J.P. Morgan Private Bank’s U.K. head, Julius Baer has reorganized to make her role redundant.
By Shruti Advani, Editor-at-large, finews.com
Tracey Reddings (pictured above), who headed Julius Baer’s front office in the U.K. since her appointment in May last year, has left as a result of the Swiss bank’s reorganization in the U.K. The Julius Baer confirmed information obtained by finews.com.
Reddings, a high-profile banker who was twice on the cover of industry publication «Wealth Manager», joined the Swiss lender from J.P. Morgan Private Bank.
More Integrated Approach
Prior to that she held senior positions at SGPB Hambros Bank and the Charities Aid Foundation Group. At Julius Baer, she had a seat on Julius Baer’s operating committee, reporting to U.K. and Ireland Chief Executive David Durlacher.
Yet, less than two years later, the bank has changed its mind about a head of front office role to a more integrated approach. Under the new format, three heads of relationship management will report to Durlacher: Annabel Bosman, Rob Woodthorpe-Brown and Rajan Rattan.
Cost-Cutting Mode
Julius Baer CEO Bernhard Hodler was forced into cost-cutting mode when results in November pointed to narrowing gross margins and a small dip in assets under management.
