Ferdja Ferdja.com delivers the latest news and relevant information across various domains including politics, economics, technology, culture, and more. Stay informed with our detailed articles and in-depth analyses.
By John Revill
ZURICH (Reuters) -Julius Baer has actually employed Goldman Sachs companion Stefan Bollinger as its brand-new president, it claimed on Tuesday, as the Swiss exclusive financial institution looks for to go on from the Signa fiasco which cost it millions and nicked its track record.
The consultation finishes a look for a follower to Philipp Rickenbacher that was ousted in February after Julius Baer endured a large loss on financings to the stopped working home company regulated by Austrian home mogul Rene Benko.
Bollinger, that is presently co-head of exclusive riches administration for Europe, Center East and Africa at Goldman Sachs in London, will certainly sign up with Julius Baer no behind Feb. 1, 2025, the Swiss financial institution claimed.
Romeo Lacher, chairman of Julius Baer, claimed Bollinger had a superb record in international financial and riches administration, and had actually played a significant function in increasing the existence of Goldman Sachs in Asia, Europe, the Center East and Africa.
Under his management over the previous 5 years, Goldman’s exclusive riches administration organization in Europe, Center East and Africa had greater than increased its properties under administration.
” Stefan led and constructed superior organizations, the majority of them at the junction of riches administration and funding markets,” Lacher claimed.
Lacher likewise stressed Bollinger’s “extensive understanding of danger,” an essential factor to consider following the Signa instance.
Bollinger, a 50-year-old Swiss person, began his job at Zuercher Kantonalbank. Prior to signing up with Goldman Sachs where he had actually been a companion for 14 years, he likewise operated at J.P. Morgan.
” I am thrilled to be signing up with Julius Baer,” he claimed.
Financial institution Vontobel expert Andreas Venditti claimed the consultation was an excellent one.
” Stefan Bollinger is certified to lead JB and to aid it get over any kind of staying Signa-related concerns,” claimed Venditti. “We invite his consultation and are anticipating learning more about him quickly.”
The brand-new chief executive officer will certainly be billed with guiding Julius Baer to calmer waters after the Swiss organization going back to 1890 was captured up in a string of destructive episodes.
In February, Julius Baer was required to make a note of 586 million Swiss francs ($ 659.2 million) in losses on financings to Signa, and claimed it would certainly leave its exclusive financial obligation organization.
The writedown expense Rickenbacher, that had actually been chief executive officer considering that 2019, his work. In the last year the financial institution, which takes care of 417 billion francs in properties, has actually seen its share rate decline 8%.
Previously this year the financial institution was reported to have actually held talks with fellow exclusive financial institution EFG International regarding a possible requisition, that would certainly have seen EFG’s chief executive officer Giorgio Pradelli as a possible head of a consolidated entity.
Swiss governing worries ambushed the talks over a possible tie-up worth some 15 billion Swiss francs, Reuters reported.
($ 1 = 0.8890 Swiss francs)
( Coverage by John Revill; Modifying by Christopher Cushing and Jacqueline Wong)
