Julius Baer CEO resigns as Swiss bank announces plans to quit private debt business [Yahoo! Finance]
JULIUS BAER GRP UNSP/ADR (JBAXY)
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Source: Yahoo! Finance
half-billion Swiss francs (dollars) reportedly over its exposure to bankrupt Austrian asset manager Signa. Chairman Romeo Lacher expressed “regret” during a presentation Thursday on the bank's 2023 results, saying management had not been a “good steward of our firm” but that the troubles were a “single credit event” and other parts of the company were performing well. Zurich-based Julius Baer said it was exiting the private debt business and the annual results reflected net credit losses of 606 million Swiss francs (about $702 million) — 586 million francs of which included a loan-loss allowance for unspecified private debt exposure. CEO Philipp Rickenbacher said in a statement that he and the board agreed “it is in the best interest of the company for me to step down” and that the measures taken on the private debt business “pave the way to move forward and regain the full confidence of our stakeholders.” The bank said deputy CEO and Chief Operating Officer Nic Dreckmann will
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