Inside Julius Baer's Failed Gamble on Signa Real Estate Empire [Yahoo! Finance]
JULIUS BAER GRP UNSP/ADR (JBAXY)
NASDAQ:AMEX Investor Relations:
juliusbaer.com/group/en/investors
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Source: Yahoo! Finance
Most Read from Bloomberg A $560 Billion Property Warning Hits Banks From NY to Tokyo Donald Trump Loses London Case Against Ex-MI6 Spy Over Kremlin Dossier Deutsche Bank Plans To Cut 3,500 Jobs And Lift Payouts House Passes $78 Billion Business, Child Tax Break Bill Trump Risks Losing More Than Half of Swing-State Voters If Found Guilty In November, the Swiss bank put a modest amount of money — 70 million Swiss francs ($81.3 million) — aside for eventual losses against loans to the Signa group. Rickenbacher subsequently proclaimed the bank wouldn't be changing its appetite for risk. Fast forward to Thursday, with the bankruptcy of the Austrian property magnate's firms proceeding, and Julius Baer had written off the entire $700 million amount, sacked the CEO, and announced it was getting out of the private credit business entirely. What tipped the balance was the realization of just how badly the bank had handled its foray into private debt, an opaque but lucrative are
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