Good reception from Julius Baer

Branch of Julius Baer in Lucerne. (Image: Arnd Wiegmann / Reuters)

Julius Baer, ​​Zurich, was the first major Swiss bank to publish its half-year results. Although the asset manager had the highest half year profit in its history, improved its operational efficiency and attracted net new capital of CHF 11 billion since the beginning of the year, investors were disappointed . The stock price lost a little over 4% until the end and closed at CHF 54.58. On the one hand, the stock markets in Switzerland, Europe and Asia, which tend to be weaker after a strong start to the year, darken the outlook; On the other hand, CEO Bernhard Hodler predicted a further intensification of global trade tensions in the second half of the year, which heightened investors' skepticism and led to sales.

The next big institute will announce the half-yearly UBS figures on Tuesday. Much stronger and longer than Julius Baer, ​​the big bank is suffering from the shame of investors, even if it has done almost everything in recent years. After the financial crisis, it has strengthened its capital base, reduced its legacy costs, transposed a stream of regulatory requirements and made the wealth management business the heart of its business. In short, it has become a boring bank with some intentions.

However, this is attracting more and more criticism among his own investment bankers, who feel compelled as wealth management administrators, want to act more independently and receive more capital. . If the erosion of the exchange must finally be stopped, the bank must become less boring – that is his belief. In their view, it is advantageous to pursue a clear strategy based on the management of core assets. But when circumstances change, we must also be able to adjust the strategy according to this logic.