Julius Baer, which has been building its private banking business in Asia over the past few years, got a black eye from the markets on Friday even though it announced a profit for 2008 - a rare report these days when banks' earnings statements are drenched in red.
Switzerland's third-largest bank said its 2008 net profit was down 25% to SFr852.3 million $733.5 million thanks to the impact of the global economic crisis on its asset management business.
We achieved a good result even in a difficult financial environment, said Dieter Enkelmann, the group CFO, at an earnings press conference that was also available via webcast.
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