Categories: Market

Big loss: This is how much money Julius Baer lost because of Benko

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Jean Claude RaemyEconomics Editor

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.

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Source :Blick

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