Credit Suisse Group AG, the nation's second-largest bank, and Julius Baer Group Ltd., the Zurich-based wealth manager established in 1890, have also reported weaker profitability. The gross margin at Credit Suisse slipped to 115 basis points from 119 basis points a year earlier and from 131 basis points in 2009.
Julius Baer
Customers of Julius Baer kept a "cautious investment stance" leading to "relatively restrained transaction and trading activity," CEO Boris Collardi said last week. That pushed the bank's gross margin down to 98 basis points in the first half of the year, from 104.9 basis points in the year- earlier period.
UBS targets growth in particular from ultra-wealthy clients with at least 50 billion francs in assets and from customers in emerging markets. Gross margin on invested assets was 53 basis points for the ultra-wealthy segment and 72 basis points for Asia-Pacific clients, UBS said in a financial report.
European clients outside Switzerland withdrew 100 million francs in the three months through June 30.