Julius Baer was roiled by the exit of long-standing CEO Boris Collardi for a privately-held rival. A top executive at the larger Swiss private bank gave a glimpse of his damage control plans.
The seismic news left Zurich-based Julius Baer's tight-knit community shellshocked last week: CEO Boris Collardi was leaving suddenly. The 43-year-old will next year become a partner at Pictet, a venerable Geneva-based private bank.
The news hit particularly hard in Asia, Julius Baer's second home market after Switzerland and now home to quarter of its total 6,000 staff. Will Collardi, who maintains very strong ties to Asia, replicate Julius Baer's aggressive ramp-up on advisors, clients and assets at his new firm?
«On Our Toes»
Jimmy Lee seems to be bracing for it. Julius Baer's head in Asia told journalists at the Swiss bank's offices overlooking Hong Kong's waterfront that – a nearly 20-year friendship aside – the bank is preparing for battle when Collardi joins the smaller bank next year.
«We will do all our homework before he joins and really really make sure we are relevant to clients, which keeps us on our toes, which is actually a good thing,» the 55-year-old banker said.
Collardi left on Monday with immediate effect – common industry practice, in order to avoid client poaching. Julius Baer's board was left scrambling after the CEO informed them of his departure during the weekend.
«I wish him well because...»
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