Assets fall at Baer
Bank Julius Baer says the assets it manages for clients fell to SFr121 billion ($73.24 billion) by the end of September from SFr141.1 billion at the end of June.
The Swiss-based bank said on Thursday that it expected a “significant rebound” in earnings in 2002, after net profit for the first nine months of 2001 fell by “slightly more than half” compared with the same period a year ago.
The bank, which is headquartered in Zurich, also said that it saw a surge in assets in October and November.
Baer does not report quarterly results in detail. In August, it said its profit in the first six months of 2001 fell by 45 per cent to SFr138 million.
The bank said that cost-cutting measures should allow it to save SFr60 to 80 million in 2002.
It will also not incur costs next year tied to dropping its online banking project and further write-offs connected with its German operations, meaning it would save around SFr100 million in total, pre-tax in 2002.
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