Top wealth manager Julius Baer caught in property write-off storm as CEO steps down
Publishing timestamp: 2024-02-01 11:30:34
Summary
Swiss bank Julius Baer reported a net credit loss of 606 million Swiss francs ($701 million) due to its exposure to troubled property group Signa Holdings. As a result, CEO Philipp Rickenbacher announced he would step down, and the bank will cut 250 jobs. The losses were well above expectations and led to a slide in operating income. Julius Baer also announced plans to exit its private debt businesses and refocus its credit business. Despite the negative news, shares of the bank rose 10%.
Sentiment: NEGATIVE
Tickers: BAER-CH,
Keywords: julius baer gruppe ag, banks, markets, earnings, breaking news: markets, business news,