Latest news with #privatebank
Reuters
03-06-2025
- Business
- Reuters
Julius Baer announces further cost cuts of $159 million
ZURICH, June 3 (Reuters) - Julius Baer (BAER.S), opens new tab will implement further efficiency measures amounting to 130 million Swiss francs ($158.96 million) by 2028, the Swiss private bank said in a strategy update on Tuesday. These additional savings would be achieved by optimising the company's operating model and come in addition to a gross cost savings target of 110 million francs announced earlier, which the bank anticipated to exceed by around 20 million francs. Julius Baer targets an adjusted cost-to-income ratio of less than 67% by 2028, the bank added.
Reuters
22-05-2025
- Business
- Reuters
Dollar-rupee forward premiums fall as overnight swap rate softens, US yields rise
MUMBAI, May 22 (Reuters) - Dollar-rupee forward premiums eased across tenors this week as a pullback in the dollar-rupee overnight swap rate coincided with U.S. bond yields climbing a leg higher, lowering the cost of hedging against weakness in the rupee. The 1-year dollar-rupee implied yield, for instance, has fallen about 25 basis points over May so far and was hovering at an over two-month low of nearly 2% on Thursday. Similarly, the 1-month dollar-rupee forward premium has eased to a near 6-month low of about 14-15 paisa on the back of a pullback in the dollar-rupee overnight swap rate. While the dollar-rupee forward premiums had climbed earlier this month when the India-Pakistan conflict flared up, traders pointed out that they have since shed the risk premia and that far forwards could likely keep trending lower amid the rise in U.S. bond yields. The 1-year U.S. Treasury yield has climbed nearly 30 basis points this month amid persistent concerns about the U.S. fiscal situation and uncertainty about the future path of Fed policy rates. A swap trader at a large private bank said he prefers to "receive forward premiums on up-ticks," and that 1-year dollar-rupee implied should ease to about 1.90% in the near term. The rupee, meanwhile, is expected to stay rangebound between 84.50 and 86 in the near term with traders keeping an eye on developments in U.S.-India trade talks and the dollar's overall trajectory. On the day, the rupee dipped slightly to 85.67 per U.S. dollar, compared to its close at 85.6375 in the previous session. Asian currencies were mostly higher between 0.1% and 0.4% while the dollar index eased to 99.5, down for the fourth consecutive session. Persistent worries over the U.S. fiscal situation and uncertainty about the impact of U.S. tariff policies have hurt the dollar and driven it down by over 8% in 2025 so far. "The market's focus on the weakness of the USD is structural," DBS Bank said in a Thursday note.
Bloomberg
21-05-2025
- Business
- Bloomberg
Citi Sees Gulf Economies Remaining Resilient Despite Oil's Drop
Citigroup Inc. remains optimistic about the prospects for countries across the Middle East despite the recent drop in oil prices. Countries like Saudi Arabia and the United Arab Emirates are working hard to deepen their capital markets, according to Carmen Haddad, a vice chair of Citigroup's private bank. That should help them attract the foreign direct investment they need to pull off their ambitious plans to transform their economies and rely less on crude income.
