Swiss private banking giant Julius Baer has signaled a continued commitment to digital assets despite an ongoing cost-cutting initiative, with the appointment of Michael Martin, a seasoned crypto expert, as client advisor for digital assets in Zurich.
The move comes during a broader reorganization effort under the bank’s new CEO, Stefan Bollinger, which includes significant job reductions aimed at trimming approximately $120 million in annual costs. Reports indicate the restructuring will affect around 400 positions, with notable cuts to team leader roles in Hong Kong and Singapore.
Balancing Efficiency with Innovation
Despite the belt-tightening, Julius Baer appears focused on innovation and the evolving digital finance landscape. The hiring of Martin—who brings over a decade of experience in crypto and institutional finance—is seen as a strategic investment in the bank’s long-term digital asset ambitions.
In a LinkedIn announcement, Martin shared his new role, stating he will support clients “with needs in the area of digital assets.” He added, “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.”
Martin’s background includes early crypto market involvement dating back to 2014 at Kimura Capital, a London-based trade finance firm. He later held senior roles at Amina Bank (formerly Seba Bank), a pioneer in regulated digital asset banking. Notably, Julius Baer holds a minority stake in Amina Bank, where its CFO Evangelia Kostakis currently sits on the board.
A Clear Signal to Crypto Markets
Martin’s addition to Julius Baer’s team underscores the bank’s ongoing interest in blockchain finance, even amid traditional banking sector headwinds. It follows a wider trend among Swiss institutions, with other banks, including cantonal banks, beginning to offer services around cryptocurrencies like Cardano and Avalanche in response to growing client demand.
Julius Baer’s decision to onboard a crypto veteran suggests a strategic pivot—not a retreat—as the firm looks to maintain a competitive edge in an increasingly digitized wealth management space.
