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    BAER   CH0102484968

JULIUS B─R GRUPPE AG

(BAER)
  Report
Delayed Swiss Exchange  -  11:30 2022-09-29 am EDT
42.35 CHF   -4.01%
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Julius Baer CEO says Switzerland needs two big banks to fuel competition - report

06/28/2022 | 02:16am EDT
Julius Baer CEO Rickenbacher attends Finanz und Wirtschaft Forum conference in Zurich

ZURICH (Reuters) - Switzerland needs two big banks to fuel competition, the chief executive officer of Julius Baer said in a newspaper interview amid speculation about the future of Credit Suisse, the second-biggest lender after UBS.

"Competition stimulates business. Two healthy and strong big banks are important for the Swiss financial centre," Philipp Rickenbacher told the Neue Zuercher Zeitung.

Credit Suisse is trying to turn the page on costly scandals that prompted a near total reshuffle of top management and a restructuring seeking to curtail risk-taking. A report this month that State Street Bank planned a takeover bid - since denied - briefly sent its shares soaring.

Rickenbacher said Baer was well-placed to handle the consolidation expected to come in the sector.

"This has been suspended since 2020 because the markets were doing well and all banks profited. But wealth management is becoming structurally more expensive and the density of regulations is increasing," he was quoted as saying.

"Technology is also increasingly penetrating our business, even though people will always play a central role. Julius Baer can handle the necessary investments, many smaller wealth managers cannot."

He said clients were wary of taking on new risks, given the market uncertainty amid COVID-19 restrictions in Asia, disrupted supply chains, inflation fears and the Russia-Ukraine conflict.

(Reporting by Michael Shields; Editing by Sherry Jacob-Phillips)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -4.32% 3.828 Delayed Quote.-54.90%
JULIUS BÄR GRUPPE AG -4.01% 42.35 Delayed Quote.-27.88%
UBS GROUP AG -1.81% 14.36 Delayed Quote.-10.93%
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Analyst Recommendations on JULIUS B─R GRUPPE AG
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Financials
Sales 2022 3 726 M 3 803 M 3 803 M
Net income 2022 957 M 977 M 977 M
Net Debt 2022 1 328 M 1 355 M 1 355 M
P/E ratio 2022 9,23x
Yield 2022 6,12%
Capitalization 8 547 M 8 722 M 8 722 M
EV / Sales 2022 2,65x
EV / Sales 2023 2,44x
Nbr of Employees 6 727
Free-Float 97,1%
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Technical analysis trends JULIUS B─R GRUPPE AG
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 42,35 CHF
Average target price 59,70 CHF
Spread / Average Target 41,0%
EPS Revisions
Managers and Directors
Philipp Rickenbacher Chief Executive Officer
Evie Kostakis Chief Financial Officer
Romeo Lacher Non-Executive Chairman
Nic Dreckmann Chief Operating Officer & Head-Intermediaries
Yves Bonzon Chief Investment Officer
Sector and Competitors