"Julius Baer CEO Resigns Amid Property Write-off and Private Debt Exit"
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%.