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Julius Baer Group Ltd. is set to appoint former HSBC CEO Noel Quinn as its new chairman on March 1, 2025, following the departure of Philipp Rickenbacher amid financial struggles linked to the collapse of Rene Benko’s Signa real estate group. Quinn's appointment comes as the bank undergoes significant restructuring under new CEO Stefan Bollinger, who has announced plans to cut around 400 jobs and streamline the executive board.
Noel Quinn, the former CEO of HSBC, has been appointed as the new chair of Julius Baer, succeeding Romeo Lacher, who is stepping down after five years. Quinn's extensive banking experience is expected to aid the Swiss wealth manager as it navigates a cost-cutting initiative following significant losses linked to the collapse of the Signa property group. His appointment is pending shareholder approval at the upcoming annual general meeting in April.
Noel Quinn, the former CEO of HSBC, is poised to become the chairman of Julius Baer Group Ltd., marking a significant appointment for the Swiss private bank. At 63, Quinn will join the board as Julius Baer seeks to recover from substantial losses linked to the collapse of Rene Benko’s Signa real estate group, which also led to the exit of former CEO Philipp Rickenbacher about a year ago.
Noel Quinn, the former CEO of HSBC, is poised to become the next chairman of Julius Baer Group Ltd., marking a significant move for the Swiss private bank. This transition follows the bank's efforts to recover from substantial losses linked to Rene Benko’s Signa real estate group and the departure of former CEO Philipp Rickenbacher.Quinn's appointment comes as Julius Baer seeks to revitalize its leadership, with current chairman Romeo Lacher not standing for re-election. The bank has also recently streamlined its executive board and announced job cuts as part of its restructuring efforts.
Romeo Lacher will step down as Chairman of Julius Baer, not standing for re-election at the Annual General Meeting on April 10, 2025. This change coincides with Stefan Bollinger's recent appointment as CEO, marking a new chapter for the wealth manager. A successor is expected to be announced soon, with the search for external candidates already underway.
Julius Baer Chairman Romeo Lacher has announced he will not seek re-election at the 2025 Annual General Meeting, following significant credit losses tied to the Signa bankruptcy. The bank, which had previously written off nearly 600 million Swiss francs in loans to René Benko's real estate group, is undergoing a management overhaul after the scandal. The private debt portfolio, once valued at CHF 1.5 billion, is set to be fully wound up by 2026.
Panic is escalating at Julius Baer as new Chairman Stefan Bollinger prepares to overhaul the 15-member Executive Board, a structure criticized for its size compared to rivals like UBS and Pictet. The board, established under former CEO Philipp Rickenbacher, includes key figures like HR manager Guido Ruoss and interim CEO Nic Dreckmann, who have weathered recent controversies.
Stefan Bollinger begins his tenure as CEO of Bank Julius Baer amid rising costs and an oversized executive board, now comprising 15 members. With a cost/income ratio of 71%, Bollinger faces the challenge of streamlining operations to meet the bank's goal of reducing this figure below 64% by the end of 2025. The bank's recent history, marked by the Benko scandal, has left it with a market capitalization of 12 billion francs, similar to pre-scandal levels.
Sergio Ermotti dominated Swiss media in 2024 with 4,755 mentions, significantly outpacing other business leaders. Despite a 29% drop from 2023, he remains the most prominent figure, while Thomas Jordan and Thomas Schlegel follow with 3,973 and 2,608 mentions, respectively. The media landscape also saw notable mentions related to the Benko scandal and political initiatives against the EU.
Julius Baer has appointed Stefan Bollinger, a 50-year-old Swiss wealth manager and Co-Head of Private Wealth Management EMEA at Goldman Sachs, as its new CEO, effective January 9, 2025. His selection comes amid challenges following a costly debacle with investor René Benko, but Bollinger's clean slate and personable nature may help rebuild client trust. This unexpected choice echoes the bank's past success with Boris Collardi, who navigated significant challenges during his tenure.
Philipp Rickenbacher
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julius baer appoints noel quinn as new chairman amid leadership changes
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