Julius Baer Sees Large Outflow

By Katharina Bart and Martin Gelnar Word Count: 595 | Companies Featured in This Article: Julius Baer Holding, UBS, Citigroup, Credit Suisse Group ZURICH -- Julius Baer Holding AG Wednesday reported slightly weaker first-half net profit but disclosed a massive outflow of money from one of its asset-management units, sending its shares lower. The Zurich-based bank for wealthy individuals said net profit for the six months slipped 2.9% to 412 million Swiss francs ($400 million) from 424.3 million francs a year ago, dented by the strong Swiss currency and volatile securities markets in the period. The result matched analyst expectations, which averaged 412.8 million francs after the bank cautioned on profits in May. On the Swiss bourse midmorning, the shares fell... [read full story]                    

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