57 new client advisors: Julius Baer capitalizes on CS’ bankruptcy and grows boldly

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patrick bergerreport economy

Following the CS takeover, there have been major changes in the Swiss banking industry. Julius Baer, ​​for example, increased its profits by leaps and bounds in the first half of 2023. The consolidated profit of the Zurich private bank at CHF 532 million is 20 percent higher than the previous year.

At the end of June, the bears managed assets of 441 billion Swiss francs. For comparison: it was 429 billion at the end of April. The increase in client assets was driven by net new money inflows of CHF 7.1 billion in the first half of the year, after the bank reported slight outflows a year ago.

The bear is really hungry

«We have benefited to some extent from Credit Suisse-UBS. But bank boss Philipp Rickenbacher (51) admits with surprising candor, “But we were able to generate new money from a much wider range of sources.” With such expressions, the competition is more timid.

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But Julius Baer is not satisfied with that, he wants more. Having recruited 57 new client advisors in the first half of the year, the private bank plans to employ more staff by 2025. The goal is clear: to get more insecure customers from Credit Suisse.

Source :Blick

Tim

I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.