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CEO Philipp Rickenbacher (52) is gone. And a much higher loss than initially expected. These are the first findings on Bank Julius Baer’s annual results.
As suspected, the private bank is canceling its entire 606 million franc loan commitment to the bankrupt Signa Group. Adjusted consolidated profit amounted to 472 million francs; This means a huge decrease of 55 percent compared to the previous year. Adjusted earnings per share for shareholders of Julius Baer Group AG was 2.30 francs, again a decrease of 54 percent.
Even excluding the Benko effect, adjusted operating income decreased slightly compared to the prior year; The net benefit of higher interest rates was offset by the appreciation of the Swiss franc, lower volatility and reduced customer trading activity.
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CEO Rickenbacher isn’t the only person affected by the Signa loan debacle. David Nicol, Chairman of the Board of Directors’ Governance and Risk Committee, will not be able to stand for re-election at the 2024 Annual General Meeting.
Nic Dreckmann, 49, current deputy CEO and chief operating officer, will be interim CEO.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
