At CHF 3.4 billion, Julius Baer’s 2019 group revenues may have remained more or less unchanged during 2019.

But the group figure disguises a significant change in the geographical revenue mix as Note 21 to Baer’s financial statements makes clear.

Both Europe (ex-Switzerland) and “Asia and other countries” recorded double digit percentage revenue increases, the Americas stagnated, while Switzerland, Baer’s largest market, recorded a significant fall.

As a consequence Switzerland’s share of group revenues also fell significantly relative to Europe and Asia. It is still the largest source of revenues....