2024-02-20 16:43:11
The man who brought René Benko to Julius Baer has to go
Switzerland boss Gilles Stuck stumbles over large loans to the insolvent Signa conglomerate and resigns from his position at the private bank.
Switzerland boss Gilles Stuck structured the Signa loan, but there were violations in the control of the loans. Now the head of Switzerland is resigning following writing off 606 million francs.
Photo: PD
There is another management departure at Bank Julius Baer. The head of the Swiss market, Gilles Stuck, is stepping down from his post, a spokeswoman for the Zurich private bank confirmed on Tuesday.
Stuck, a former Credit Suisse banker, brought Austrian real estate investor René Benko and his now largely insolvent Signa conglomerate to Julius Baer. He headed the structured financing business at the private bank before being appointed head of Julius Baer in Switzerland in 2021.
Julius Baer wanted to expand its structured financing business for super-rich customers and, in this context, granted three poorly secured loans to Signa. At the beginning of February, the bank had to write off 606 million francs. This has already cost the previous bank boss, Philipp Rickenbacher, his position.
SDA/Beatrice Bösiger
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