Crypto expert joins Julius Baer as part of extensive company restructuring

Julius Baer, a Swiss wealth management organization, is making cost reductions under its new CEO Stefan Bollinger, but it appears to be continuing its emphasis on digital assets with a significant hire in the crypto field.

Julius Baer has recently brought on Michael Martin as a client advisor in Zurich, where he will concentrate on digital assets. This move suggests that the bank is maintaining its interest in this area despite its broader cost-cutting efforts.

In a LinkedIn post, Martin revealed that he will be guiding clients "with needs in the area of digital assets." He added, "I am eager to assist our clients - whether they value our extensive experience and trust, look for top-notch advisory, or wish to delve into the thrilling prospects that digital assets offer."

Michael Martin

Martin is a seasoned professional in the crypto industry, having begun his career in 2014 at Kimura Capital, a trade finance credit provider for commodities based in London. Most recently, he was employed at Amina Bank (formerly known as Seba Bank), where he worked with institutional crypto clients. It's worth noting that Julius Baer is rumored to hold a minority stake in Amina Bank, and its CFO, Evangelia Kostakis, sits on the board.

Martin's hiring coincides with a restructuring program at Julius Baer. This initiative encompasses job cuts among relationship managers and aims to save around $120 million per year. According to reports, Julius Baer's reorganization involves workforce reductions of approximately 400 positions, with team leader roles being eliminated in Hong Kong and Singapore.