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ZURICH (Reuters) – Swiss Private Bank Julius BAER <BAER.S> recorded a 19% drop in adjusted net income in the first six months of 2019, as its wealthy clients continued to trade lukewarm, a decline that it nonetheless hailed as a resumption of tough conditions in end of last year.
"Profitability has improved significantly compared to the second half of 2018, as we have seen a sharp recovery in customer activity and badet valuation," said outgoing Chief Executive Bernhard Hodler. . "The cost reduction program we launched earlier this year is on track and we will see its impact materialize in the coming months and throughout 2020, as planned."
He should be replaced by Philipp Rickenbacher, the current head of the bank's intermediaries and overall custody, in September.
(Report by Brenna Hughes Neghaiwi, edited by Riham Alkousaa)
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