GAM, the Swiss asset manager, has announced further cost-cutting and said key executives will forego their bonuses for 2019 as it battles slumping profits and the fallout from its sacking of a former star portfolio manager last year.

GAM is already in the middle of an extensive cost-cutting programme, but the Zurich-headquartered company said on 20 February it wants to achieve savings of more than 80m Swiss francs ($80m) by the end of 2021 — doubling its previous target. Some CHF30m of the additional cost cuts announced are to be achieved by the end of 2020.