julius baer has pledged cost cuts.nced back and bank stocks recovered faster than rivals. haslinda amin is standing by with an exclusive interview with the group's ceo. >> we are talking about bernhard hodler. challenging times for the bank. let's hear from him. good to have you with us. >> good morning. >> let's talk about market conditions, client sentiment. how has it been? one of your main rivals in asia, ubs, announced a 9% drop in revenues. difficult times. the morgan was at stanley conference and it was a surprise. there is more clients activity in the last year, last quarter. it is higher this year. it is not that the levels we saw at the beginning of 2018, but declines a little bit more. what is positive for us is in the stock market, asset and partt has gone up, of our fees are [indiscernible] what are you observing in terms of appetite for risk? nobody knows how to make sense of the bond market. bernhard: we have stayed invested. very positive declines. haslinda: where? bernhard: they invested in equity mark

where are these cuts being done for julius baer? we had a tremendous first half and much more difficult the second half and started tactical tax measures and now we do it more on a strategic basis. for example we analyze the locations we have and smaller locations where we think is very difficult to make money or to grow we have closed three of hem already, holland we closed and amsterdam and panama, peru. we try to do it a bit more strategic and we also had some head com cuts. >> when it comes to challenges it comes to retaining talent and relationship managers, recently we saw a exodus of senior relationship managers from julius baer to the likes of p.k. are you concerned you're losing talent? bernhard: last year we hired 105 relationship managers, growth is a big number and we lost six. that's not a big problem. >> going forward there are concerns perhaps the pharmacy may be approaching your senior r.m.'s. it can't be a good feeling seeing your talent leave. bernhard: we have very few people leaving so they like our platform. i r

morgan point but also across you know in switzerland with overnight julius baer announcing that it's going to look at offering crypto products to its high net worth cloyd's and i think this is a very the entry of institutional players is very exciting because it really brings a level look at situational maturity and expertise to the credit of the group of sector something that it not only really needs but it also deserves a very interesting is always on re our slain and p w c thank you for joining us it was a pleasure being on. china has been imported recyclables to improve its environment but the move could take a financial environmental toll in the united states legal journalist model molly barrows contributor with america's lawyer joins us now to talk trash molly brings up to speed on this been how how did this story what's going on here. you know well it used to be that the u.s. them most of its recycling overseas to china in two thousand of its plastics to china but last year china closed its doors to foreign ways and the u.s. had to scramble for new buyers well despite stories

nejra: that was julius baer ceo hodler speaking with bloomberg.t slowing global growth are fueling bets central banks will cut. the chief investment strategist for northern trust asset management is still with us. we see futures pricing one cut by the end of 2019. for those who are questioning the reliability of yield curve inversion on the three month 10 year, we might even question it on the two and 10, i want to draw attention to this chart. it has dropped to the most negative in more than a decade. the fed in a research paper said this could be more robust in predicting a recession because markets are usually right calling fed rate cuts, which tend to anticipate recessions. is the market getting too negative on where the fed goes from here? >> we don't think so. we think markets are getting -- giving a clear signal to the fed, you may mistake. in september, very certainly in december, they made a mistake. if the fed wants to get back in control of policy, if they want to be back in front of the curve , they have to start cutting rates. it look