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UBS is experiencing a notable exodus of wealth advisors in London, with at least three senior members—Matt Bonfield, Nick Williams, and Josie Shaw—joining Julius Baer. This shift is attributed to Julius Baer's more attractive compensation structure, which offers a percentage of assets brought in, contrasting with UBS's reportedly disappointing bonuses. The departures follow other significant exits, including Mark Goddard, and reflect broader changes within UBS's UK operations, which are increasingly centralized in London.
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 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.
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.
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.
Analysts at Zürcher Kantonalbank are optimistic about a potential CHF 300 million share buyback program for Julius Baer next year, despite recent postponements. The bank's share price fell after the lack of a new buyback announcement, but analysts maintain a positive outlook, rating the shares as "overweight." Upcoming events, including an Investor Day, are expected to act as catalysts for share performance.
Julius Baer, UBS, and Vontobel have shown divergent performances following their annual results, with Julius Baer shares down 8% due to high costs despite strong investment banking earnings. In contrast, Vontobel reported a 24% profit increase, driven by private client growth, while UBS faces potential capital requirement challenges. The future remains uncertain as these banks navigate their respective hurdles.
Swiss bank shares experienced mixed downgrades, with Deutsche Bank upgrading UBS to a BUY rating and a price target of CHF 37, while Kepler Cheuvreux downgraded Julius Baer to HOLD with a reduced target of CHF 58. The market showed slight gains for UBS and Novartis, while Landis+Gyr faced a significant drop following a profit warning.
Asian stock markets fell sharply due to fears of a trade war following Trump's new tariffs on Canada, Mexico, and China, with Japan's Nikkei down 2.6%. The SMI also declined by 1.5%, while Julius Baer shares plummeted 13% amid austerity measures. The crypto market suffered significantly, with Bitcoin dropping 6% and Ether plummeting 26.5%, marking the steepest decline since 2021.
Stefan Bollinger
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