During early European trading, shares of the Swiss private bank fell by 8.9%, erasing all gains made earlier in the year.

The group disclosed on Friday that net new money inflows for the first four months of 2026 totaled 30 billion Swiss francs, equivalent to 38.1 billion US dollars. This represents an annualized growth rate of 1.7%, a notable decline from the 2.7% annualized net inflow growth rate recorded in the second half of the previous year.

Following the bankruptcy of the Austrian real estate group Signa Holding, which resulted in losses on related loans, the bank has been reviewing its credit assets and tightening risk exposure in client business. Early last year, the bank appointed former Goldman Sachs executive Stefan Bollinger as its Chief Executive Officer and has since been making ongoing adjustments to its management structure.

The bank stated that adjustments to its risk control and compliance framework, uncertainty stemming from conflicts in the Middle East, and a pause in client borrowing and investment activities have collectively contributed to the slowdown in fund inflows.

Analysts at RBC Capital Markets suggest that the pressure on fund inflows due to risk control reviews may disappoint investor expectations.

As of the end of April, the bank's assets under management reached 5,280 billion Swiss francs, showing a modest increase of 1% for the year.

While client trading activity was strong at the beginning of the year, business significantly cooled in April, and it is anticipated that earlier growth momentum will be difficult to regain in the short term.

The bank also indicated that, benefiting from a strong operational start to the year and the absence of significant one-time gains or losses, net profit for the first half of the year is expected to see a substantial year-on-year increase.

Bollinger commented, "For the first four months of 2026, the group's operating income has achieved the best start for the same period in its history."