All articles tagged with #julius baer
Julius Baer, a Swiss private bank, faced a significant setback as its plans to expand in Asia were derailed by a financial scandal involving a former employee. The bank's reputation took a hit as it became embroiled in legal issues and faced scrutiny over its compliance and risk management practices, leading to a decline in its stock value and investor confidence.
Swiss wealth manager Julius Baer reported significant net credit losses related to its exposure to real estate group Signa Holding, leading to CEO Philipp Rickenbacher stepping down and the announcement of 250 job cuts. The bank will exit its private debt businesses and focus on mortgage lending and specialized personal lending loans. Despite the challenges, shares rose 10% on the news. The bank's net profit for the full-year 2023 was down 52%, and assets under management grew by 1%.
Swiss private bank Julius Baer has issued a warning on its profits just weeks after the Signa crisis, which saw the bank's CEO, Philipp Rickenbacher, apologize for the bank's involvement in a spying scandal. The bank cited challenging market conditions and increased costs as reasons for the profit warning, and stated that it would take measures to address the situation.
Swiss private bank Julius Baer has reportedly attracted $10 billion in new money from clients following the collapse of rival bank Credit Suisse, as investors seek alternative wealth management options.