The message I sent to our employees

I would like to share the note I sent to our staff today:

" We are well equipped to get through this storm -

Dear Colleagues,

I am very proud of how you have been mastering the coronavirus emergency so far. We are dealing with something deeply personal, affecting the most important thing we have: the well-being of ourselves and our loved ones. Yet, as always, Julius Baer and our clients have been able to count on your professionalism and unwavering commitment: I would like to thank you for that.

Let me recap what we have done: Within just a few weeks, and building on the initial experiences gained by our Asian teams, we have ramped up our Group-wide business continuity efforts as the virus has spread rapidly across the world. We have had all hands on deck, with dedicated leadership managing the crisis, and the Executive Board monitoring the situation very closely. The vast majority of our staff today are enabled to work from home, thanks also to a new remote access solution created by our COO area for this specific situation. Critical teams, including our trading desk, Operations, IT, Risk, and many of our front-office teams are operating in split location set-ups. Systems and processes have been broadly stable, despite the increased volumes of orders and trades we have been experiencing. We did incur issues, especially with system responsiveness, and we continue to address them. In a joint effort, the front and credit teams have been managing the pressure on our loan book remarkably well so far. And our investment specialists are supporting our clients and front teams with constant insights into market developments.

The current situation requires us to fundamentally rethink our working and social habits. The measures implemented by health authorities are the right ones, and we need to follow their guidance. It is a moment of 'care in action', and I experience it every day in the office. Clearly, not everything is plain sailing. We need to learn to operate under the social distancing rules that are now so crucial, and organise the care of families. We have to keep our teams up to date with relevant information while working remotely (please check the intranet daily!). As an employer, we will ensure our people stay safe, and together we will tackle this crisis taking each step at a time, by combining pragmatism with care.

In these times, our clients need us more than ever. Let us make sure we share with them our resources and insights on a constant and real-time basis – maximising our advisory time on the phone, and leveraging our digital channels and tools (such as the Insights app) to the maximum. Our more than 1000 solution specialists globally are available for support. When managing credit books, we must do this with utmost discipline and resolve, to protect the interest of both our clients and the Bank.

We are in the middle of a storm – and Julius Baer is well equipped to get through it. We have a strong capital base, confirmed by our first-class rating, and we are financially and operationally sound. As we have demonstrated many times before, we are capable of navigating market volatility and valuation pressures.

It is crucial to think ahead. Our new strategy is fully valid and we will continue to execute it, merely with changed priorities to accommodate current events. Our shift to sustainable profit growth, a sharpened focus on our clients and delivery of solutions, as well as accelerated investments in times of adversity could not be more to the point.

Right now, I call upon your care, your passion, and your excellence. We are strong and will emerge even stronger.

Thank you for your tremendous support!

Best regards,

Philipp Rickenbacher "