Zurich-based Julius Baer is set to disclose the damages from its Signa-linked loans while CEO Philipp Rickenbacher is reportedly stepping down.
Julius Baer CEO Philipp Rickenbacher is set to exit the bank, according to a «Financial Times» report citing unnamed sources, with deputy Nic Dreckmann earmarked to replace him.
Board member David Nicol, who led the governance and risk committee, will also step down. Richard Campbell-Breeden, another board member, will be named vice chair.
Full Exposure Writedown
The reshuffle occurs as the bank prepares to unveil the damages linked to 606 million francs ($702 million) in exposure to René Benko’s Signa.
Julius Baer will write off the full exposure, the report said, rather than the 400 million francs previously estimated by analysts and is also considering legal action to recoup losses from the European property group.
Private Debt Exit
In addition to the leadership changes, the bank will exit its private debt business – the source of lending to Signa – the «Financial Times» report added. Staff linked to the business with Signa will also receive no bonus for 2023.
