2024-02-01 20:36:24
Published on February 1, 2024 at 9:36 p.m. / Modified on February 1, 2024 at 9:37 p.m.
Julius Baer makes a clean slate following the Signa affair. The Zurich private bank announced this Thursday morning the immediate departure of its general director, Philipp Rickenbacher, and the elimination of 250 positions. The big boss pays the price of the large loans granted to the real estate group of the Austrian René Benko, in bankruptcy. The head of Julius Baer’s risk committee, David Nicol, will not stand for re-election at the 2024 general meeting. Previously head of operations (COO), deputy managing director Nic Dreckmann takes charge form the bank ad interim, a search was launched to find a successor.
The Zurich establishment saw its net profit fall by 52% in 2023, to 454 million francs in 2023, according to a press release released Thursday morning. This decline is the consequence of the constitution of provisions, the bank having decided to amortize the entire 606 million francs that it had lent to companies in the Signa group. Julius Baer is withdrawing from this private credit activity. Explanations from the president of the bank, Romeo Lacher.
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