Swiss bank Julius Baer announces nearly $160 million in cost cuts<\/p>\n
Swiss bank Julius Baer<\/a> plans to cut costs by 130 million Swiss Francs ($158.8 million) by 2028 as part of its strategic review.<\/p>\n The bank said that the savings will be in addition to its target to lower expenses by 110 million Swiss Francs ($134 million), which was announced in February. Julius Baer said it expects to exceed that target by 20 million Swiss Francs.<\/p>\n Analysts largely welcomed the strategy update from the bank’s new chief executive, who took control at the start of this year.<\/p>\n “The words discipline\/disciplined appear a total of 19 times in the Strategy Update presentation from\u00a0Julius\u00a0Baer\u00a0under new CEO Stefan Bollinger and this is giving the right messaging to all stakeholders given the issues over the past years, in our view,” said JPMorgan’s Amit Ranjan in a note to clients.<\/p>\n The bank also revealed its plans to increase gross profit margins, assets under management and return on its CET reserves.<\/p>\n “While targets appear conservatively struck and imply earnings below consensus, this makes sense but is likely to require evidence of a better outcome and buybacks to resume to see earnings growth and upgrades coming through,” said RBC Capital analyst Anke Reingen.<\/p>\n \u2014 Ganesh Rao<\/p>\n Here are the opening calls<\/p>\n London was the No. 2 most-visited city in the world for 2023, according to Euromonitor International.<\/p>\n Karl Hendon | Moment | Getty Images<\/p>\n Good morning from London and welcome to CNBC’s live blog covering all the action in European financial markets, as well as business news, analysis, earnings and data.<\/p>\n Futures data from IG on Tuesday morning suggests London’s FTSE<\/a> will open 6 points higher at 8,787, Germany’s DAX<\/a> 42 points higher at 23,984, France’s CAC 40<\/a> up 6 points at 7,741 and Italy’s FTSE MIB<\/a> up 106 points at 40,073.<\/p>\n The specter of U.S. tariffs has returned to the fore for markets this week, after President Donald Trump\u00a0said Friday<\/a>\u00a0that he will double tariffs on steel imports from 25% to 50% on June 4.<\/p>\n Investors will also be monitoring any developments in trade talks between the U.S. and China, which\u00a0soured last week<\/a>. National Economic Council Director\u00a0Kevin Hassett\u00a0suggested Sunday<\/a>\u00a0that Trump and China’s President\u00a0Xi Jinping\u00a0could have a conversation as soon as this week.<\/p>\n \u2014 Holly Ellyatt<\/p>\n What to keep an eye on today<\/p>\n A cafe bar near the Eiffel Tower on Oct. 5, 2020, in Paris, France.<\/p>\n Kiran Ridley | Getty Images News | Getty Images<\/p>\n Investors in Europe will be keeping a close eye on the latest inflation data from the euro zone.<\/p>\n Flash data from the single currency area is expected to show inflation cooled toward 2% in May, paving the way for the European Central Bank to deliver a widely expected 25 basis point rate cut at its next meeting on Thursday.<\/p>\n Euro zone inflation was unchanged at 2.2% in April<\/a>, missing expectations for a move lower.<\/p>\n \u2014 Holly Ellyatt<\/p>\n What’s been going on in Asia-Pacific and U.S. markets overnight?<\/p>\n Traders work on the floor of the New York Stock Exchange on June 2, 2025. <\/p>\n NYSE<\/p>\n U.S. stock futures<\/a> slipped on Tuesday morning after the major averages began June’s trading on a positive note.<\/p>\n In the regular session, the\u00a0S&P 500<\/a>\u00a0climbed 0.41%. The\u00a0Nasdaq Composite<\/a>\u00a0advanced 0.67%, and the\u00a0Dow<\/a>\u00a0added 35.41 points, or 0.08%.<\/p>\n Stocks ended Monday higher despite rising tensions between China and the United States, with Beijing\u00a0countering President Donald Trump’s accusations<\/a>\u00a0that it had violated a temporary trade agreement. Investors had grown hopeful that the two countries could work out a trade deal, but this latest development points to negotiations taking a turn for the worse.<\/p>\n