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Julius Bär, Switzerland's largest private bank, announced personnel cuts despite a significant profit increase in 2024. Unlike during the 2023 collapse of Credit Suisse, the bank avoided similar risks, although it has faced past misconduct issues. Meanwhile, Austrian billionaire René Benko was arrested for the collapse of his Signa real estate group.
Graubünden Kantonalbank (GKB) faced challenges in 2024 due to interest rate cuts, resulting in a 1.7% decline in net profit from interest-bearing operations to 327.6 million Swiss francs, despite a 3.1% increase in mortgage volumes. Commission income rose by 7.7%, helping overall revenues to climb 0.5% to 528.4 million Swiss francs, while net profit stagnated at 229.5 million Swiss francs. The bank plans to maintain its dividend at CHF 47.50 per participation certificate and targets a net profit of 210 to 230 million Swiss francs for 2025.
In 2024, Graubünden Kantonalbank (GKB) faced challenges due to Swiss National Bank rate cuts, resulting in a 1.7% decline in lending income despite a 3.1% increase in mortgage volumes. Commission income rose by 7.7%, helping overall revenues grow by 0.5% to 528.4 million Swiss francs, while net profit stagnated at 229.5 million. The bank plans for a net profit of 210 to 230 million Swiss francs in 2025, as it continues to invest in digitalization and manage expenses.
Julius Baer reported a significant net profit increase of 125% to CHF 1.02 billion for 2024, rebounding from a challenging previous year marked by substantial write-downs. Assets under management rose to CHF 497 billion, bolstered by CHF 14.2 billion in new inflows, while the dividend per share remains unchanged at CHF 2.60. The Executive Board will be streamlined from 15 to five members, and a strategy update is expected before summer 2025.
Criminal investigators and the parliamentary commission (PUK) overlooked critical capital weaknesses at Credit Suisse (CS), notably a regulatory "filter" that concealed CHF 11.9 billion in capital shortfalls. Despite warnings from authorities and expert reports, key figures like CFO David Mathers evaded accountability, leading to CS's collapse. The Swiss Attorney General's office found insufficient grounds for criminal proceedings, while Mathers enjoys early retirement after years of misleading practices.
UBS plans a capital increase of approximately CHF 350 million for the UBS (CH) Property Fund - Swiss Mixed "Sima" at the end of April or early May, aimed at funding property acquisitions, renovations, and debt repayment. The exact terms will be revealed in early April, with the fund focusing on residential and commercial properties in major Swiss cities. In other news, Logitech has raised its outlook following strong holiday sales, while Nestlé is set to invest $1 billion in expanding production in Mexico.
UBS benefits from a de facto state guarantee, leading to an estimated annual subsidy of CHF 2.6 billion due to reduced financing costs, according to a University of Bern analysis. Meanwhile, President Donald Trump is restructuring the Department of Justice, dismissing prosecutors involved in investigations against him and freezing funding programs, raising concerns over the separation of powers. In other news, Saïda Keller-Messahli faces defamation charges for her claims about Swiss mosques, and the Munich prosecutor's office investigates real estate mogul René Benko for fraud.
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.
Tyrolean tycoon René Benko has been arrested in Austria amid investigations into the billion-dollar collapse of his Signa real estate group. Authorities allege he concealed assets during bankruptcy proceedings, with implications across several European countries, including significant losses for Swiss banks. The case has also sparked political discussions in Graubünden.
René Benko
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