Feb 1, 2024: Julius Baer, the Swiss wealth manager, announced the departure of CEO Philipp Rickenbacher amid reported net credit losses of 586 million Swiss francs ($679 million) related to its exposure to Signa Holding. The losses exceeded analyst estimates and were linked to Signa’s recent insolvency. Rickenbacher, who served as CEO since 2019, will be succeeded by deputy Nic Dreckmann. The bank is refocusing its lending activities on more traditional areas following the significant impact on net profit for 2023.
Note: Swiss Franc to USD exchange rate used for conversion: 1 CHF = 1.16 USD.
