February 3, 2020 / 6:27 AM / 24 days ago

Julius Baer sets sights on lowered costs after 2019 profit drop

ZURICH, Feb 3 (Reuters) - Julius Baer 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.” ($1 = 0.9675 Swiss francs) (Reporting by Brenna Hughes Neghaiwi)

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