Through 2017, Julius Baer grabbed headlines for its aggressive expansion push. Come 2018 though, the bank was sounding the retreat, closing down offices in Panama and Peru.
Indeed, the bank’s troubles in Latin America have cast doubts in whether its Chairman, Daniel Sauter, would resign in the new year. Sauter, along with Collardi, was the architect of the Swiss bank’s push into Latin America. A Venezuelan graft probe implicated a former Julius Baer banker, Matthias Krull (pictured above), who was sentenced to a ten year prison sentence by a Miami judge.
Next, five bankers who allegedly oversaw over $700 million left the bank en masse. In a bid to draw a line under the debacle, Julius Baer sold its remaining client assets to Spain’ Bank Santander in the last month of the year.
- Banking Barometer 2018: Read the first part of the series about UBS.
- << Back
- Page 3 of 3
