Julius Baer reports earnings down 36 pct

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Swiss private bank Julius Baer reported on Monday that its first-half net profit fell 36.6 percent.

Zurich -- Swiss private bank Julius Baer reported on Monday that its first-half net profit fell 36.6 percent.

It said net profit for the six months to June fell to CHF 323.5 million (EUR 212 million, USD 300 million) from CHF 510.1 million in the same period in 2008.

Julius Baer has restructured its business in response to the global financial crisis, separating traditional banking operations from its investment bank which focuses on asset management.

It said the formal reorganisation will be completed by the third quarter, with the two resulting companies to be separately listed on the stock market.

AFP / Expatica

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