Julius Baer Faces Bleak 2003
According to a Reuters report published yesterday, Switzerland's largest family-controlled
bank is gearing up for a bleak 2003, following its posting of a substantial
drop in 2002 net profits. Bank Julius Baer announced on Wednesday that its net profits fell almost 19%
to SFr183 million ($138 million) as the result of weak financial markets in
2002, and predicted a similarly large decline this year. 'If operating conditions do not soon take a decisive and sustained turn for
the better, net profit for the current year will turn out to be considerably
lower than that of 2002,' Baer chief executive, Walter Knabenhans told Reuters,
warning darkly that the decline is likely to be in the 'double-digit region'. The Swiss bank has announced plans to accelerate cost cuts and slash jobs,
and told Reuters that some 10% of staff will likely face the chop by the end
of the year. However, no further job cuts are on the cards after that, according
to Chairman-designate, Raymond Baer. 'Once we've done this, nobody can say we haven't done our homework,' he explained
to the news agency. .
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