Julius Baer to Exit Private Debt After Benko Saga Claims CEO

Bank takes full loss provision on Signa related loans
Net income for 2023 slumps 52%, net new money improved

WATCH: Julius Baer CEO Philipp Rickenbacher is stepping down, and will be replaced by deputy Nic Dreckmann on an interim basis. Myriam Balezou reports.Source: Bloomberg

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By Myriam Balezou

February 1, 2024 at 6:11 AM UTC

Updated on

February 1, 2024 at 12:13 PM UTC

This article is for subscribers only.

Julius Baer Group Ltd. said it would exit its private debt business after writing down all of its loans to the bankrupt Signa companies, and confirmed that Chief Executive Officer Philipp Rickenbacher is stepping down as a result.

The shares surged, trading up 7.3% at 50.76 Swiss francs ($58.823) at 1:13 p.m.