Julius Baer, another medium-sized bank, sold its institutional stockbroking arm in 2003 and is now spinning off GAM, its volatile hedge-fund operation.

• 另一家中型银行茱利贝尔银行已于2003年将其机构股票经纪业务出售，现正在分拆其运行状况不稳定的对冲基金管理公司GAM。