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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.
Julius Baer is reportedly close to appointing former HSBC CEO Quinn as its new chair following the resignation of Romeo Lacher amid a management overhaul after significant losses linked to the collapsed Signa property group. The bank's new CEO, Stefan Bollinger, announced plans to reduce the workforce by about 5% after a disappointing 2024 pretax profit. Quinn, who led HSBC for five years, oversaw major asset sales and navigated challenges during the pandemic before stepping down in April 2023.
Julius Baer is reportedly close to appointing former HSBC CEO Noel Quinn as its next chairman, following the resignation of Romeo Lacher amid a management overhaul after significant losses linked to the collapsed Signa property group. New CEO Stefan Bollinger announced plans to reduce the workforce by about 5%, as the bank's 2024 pretax profit fell short of expectations. Quinn, who led HSBC for five years, oversaw major asset sales and navigated challenges during the pandemic before leaving in April 2022.
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.
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.
This week marks a pivotal moment for major Swiss banks, with Julius Bär, UBS, and Vontobel set to release their annual financial statements. Julius Bär aims to recover from past turmoil under new CEO Stefan Bollinger, while UBS is on track to meet its ambitious integration goals with Credit Suisse. Vontobel faces challenges in retaining institutional clients despite strong financial results and a cost-cutting initiative.
UBS, Julius Baer, and Bank Vontobel are set to release their annual financial results this week, with heightened scrutiny on their 2024 figures. Julius Baer aims for a turnaround under new CEO Stefan Bollinger after a challenging period, while UBS is ahead in integrating Credit Suisse and expects strong results. Vontobel faces ongoing challenges with institutional client outflows despite solid financials and a cost-cutting initiative.
Julius Baer, once a stable alternative in Swiss banking, faces severe turmoil under new CEO Stefan Bollinger, who inherits a legacy of scandals and a 10% workforce cut that fails to address deeper systemic issues. The bank grapples with legal threats from Georgian billionaire Bidzina Ivanishvili and ongoing regulatory scrutiny, raising concerns about its governance and risk management culture. As Switzerland's banking reputation hangs in the balance, Bollinger must act swiftly to restore trust and profitability amid a backdrop of aggressive growth strategies gone awry.
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.
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