Julius Baer International’s (JBI’s) 2019 accounts show impressive net new money and revenue growth, along with stricter day-to-day cost control.

However, what would have been an £8.5 million profit was wiped out by a £17.7 million provision made for the settlement of a legacy matter currently under investigation by the Financial Conduct Authority (FCA).

Revenue was up 16 percent year-on-year to £84.2 million, against expenses (including the FCA provision) of £91.3 million. This means that JBI – the UK entity of Swiss private banking group Julius Baer – posted a pre-tax loss of £7.1 million, compared with a ...