Credit Suisse Group AG Chief Executive Officer Brady Dougan sought to put the bank’s legal woes behind it with the U.S. tax-probe settlement. He hasn’t assuaged investor concern about the bank’s capital and strategy.
Julius Baer Group Ltd. said client assets rose 4 percent in the first four months of the year as the third-largest Swiss wealth manager integrated Merrill Lynch units acquired from Bank of America Corp.
Credit Suisse Group AG, the second- biggest Swiss bank, posted fourth-quarter profit that missed analysts’ estimates after setting aside 514 million Swiss francs ($568 million) for U.S. tax and mortgage litigation.
Vontobel Holding AG, the Swiss bank and brokerage that specializes in derivatives, fell the most in more than three years in Zurich trading as profit declined and it cut its dividend for the first time since 2009.
UBS AG, Switzerland’s biggest bank, said it probably won’t be able to reach its profitability goal in 2015 after the Swiss regulator demanded the company hold more capital for risks related to litigation.