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Top wealth manager Julius Baer caught in property write-off storm as CEO steps down - TL;DR CNBC

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 agbanksmarketsearningsbreaking news: marketsbusiness news

Source: https://www.cnbc.com/2024/02/01/julius-baer-hit-by-signa-exposure-announces-ceo-exit-and-job-cuts.html


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