Julius Baer sets sights on lowered costs after 2019 profit drop

Julius Baer sets sights on lowered costs after 2019 profit drop

FILE PHOTO: The sign for Swiss bank Julius Baer is seen at a branch office in Luzern

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ZURICH (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.

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"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."

(Reporting by Brenna Hughes Neghaiwi)

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