Swiss private bank says costs rose as it spent more on settling legal cases, provisions and IT
Julius Baer's offices in Zurich, Switzerland. Picture: REUTERS/ARND WIEGMANN
CEO Philipp Rickenbacher said there were no immediate plans for layoffs at the bank, which has seen its headcount rise by 71 people in 2022, to 6,798 staff by the end of June. Plans for structural cost savings were now being developed, he said, while the bank would continue to hire relationship managers.
Meanwhile income declined, with revenue from commission and fees down by 10% as nervous clients cut back on activities.
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