Julius Baer throws out CEO Philipp Rickenbacher. Deputy Nic Dreckmann will take over the helm until a permanent successor is found.
Bank is making a value adjustment on loans to an unnamed group of companies with a volume of 586 million francs. According to insiders, this is Signa. The impairment led to a 52 percent decline in profits for the Zurich financial institution to 454million francs for 2023. In the future, the bank wants to concentrate on lending in more traditional areas.