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News

Vontobel H1 profit drops 21% in tough markets

ZURICH, July 28 (Reuters) - First-half net profit at Swiss wealth and asset management group Vontobel VONN.S fell by a fifth as market ructions prompted a small net outflow of client funds, it said on Thursday. Group net profit slumped 21% to 151.4 million Swiss francs ($158 million), while operating income fell 12%. Net new money slipped 0.8%. Return on equity retreated to 14.6% from 18.7% in the first half of 2021, but beat the target of at least 14%.
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Europe's banks flash some good news but downbeat on economy

By Tom Sims and Sinead Cruise FRANKFURT/LONDON, July 27 (Reuters) - European banks this week offered flashes of surprisingly good news on profits, but some executives spoke of a bleak outlook for the rest of the year amid raging inflation, war and energy shortages. Deutsche Bank DBKGn.DE , the German lender in Europe's largest economy, reported on Wednesday larger-than-expected profit for the second quarter that was helped by trading revenue in volatile markets and higher interest rates.
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Credit Suisse names new CEO to overhaul investment bank as losses mount

ZURICH, July 27 (Reuters) - Credit Suisse Group CSGN.S has named asset management boss Ulrich Koerner as its new CEO, who is tasked with scaling back investment banking and cutting more than $1 billion in costs to help the bank recover from a string of scandals and losses. The Swiss bank has dubbed 2022 a "transition" year with a change of guard, restructuring aimed at curtailing risk-taking in investment banking, and bulking up of wealth management, while batting away speculation that it could
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UBS quarterly profit underwhelms, flags 'uncertain' second half

(Updates with details of results) ZURICH, July 26 (Reuters) - Swiss bank UBS UBSG.S posted on Tuesday a smaller-than-expected rise in second-quarter net profit as its investment banking and wealth management businesses struggled in tough market conditions. Profit in the three months ended June rose 5% to $2.1 billion. That compared with $2.0 billion a year earlier and lagged expectations for a 19.8% rise to $2.4 billion in a poll of 19 analysts compiled by the bank.
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Swiss bank Julius Baer hit by market downturn during first half of year

* Bank to accelerate 'cost discipline' in H2 * CEO rules out immediate lay-offs * Assets under management shrink as global markets fall * Net new money down, but situation improving - CEO (Rewrites, adding CEO, background) By John Revill ZURICH, July 25 (Reuters) - Swiss wealth manager Julius Baer BAER.S will freeze hiring for non relationship manager positions after higher costs and lower client activity triggered a 26% drop in first half earnings.
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