Julius Baer sets sights on lowered costs after 2019 profit drop

This post was originally published on this site


ZURICH (Reuters) – Julius Baer (S:) set out new targets to improve its cost-income ratio by 2022, the bank said on Monday as it posted a 5% drop in adjusted net profit for 2019.

The wealth manager said it expected to improve revenues by more than 150 million Swiss francs ($155.04 million) through a three-year strategy enhancing its offerings for high net worth and ultra-high net worth clients and to reduce its cost base by 200 million Swiss francs through productivity and efficiency measures.

“We will accelerate our investments in human advice and technology,” Chief Executive Philipp Rickenbacher said in a statement. “And we will shift our leadership focus from an asset-gathering strategy to one of sustainable profit growth.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.