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

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Source: CNBC
"Julius Baer CEO Resigns Amid Property Write-off and Private Debt Exit"
Photo: CNBC
TL;DR

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%.

Topics:businessfinance#ceo-resignation#cost-cutting#credit-losses#finance#julius-baer#property-write-off
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  1. Top wealth manager Julius Baer caught in property write-off storm as CEO steps down  CNBC
  2. Julius Baer to Exit Private Debt After Benko Saga Claims CEO  Bloomberg
  3. Julius Baer's profits tumble 52% as Signa hit triggers CEO exit  Financial Times
  4. Julius Baer CEO Exits Over $700 Million Signa Loss  The Wall Street Journal
  5. Julius Baer CEO Resigns as Swiss Bank Announces Plans to Quit Private Debt Business  U.S. News & World Report

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