Earnings

Julius Baer hit by Signa exposure, announces CEO exit and job cuts

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A pedestrian sheltering under an umbrella passes a Julius Baer Group Ltd. branch in Zurich, Switzerland, on Tuesday, July 13, 2021.

Stefan Wermuth | Bloomberg | Getty Images

Swiss bank Julius Baer on Thursday reported hefty net credit losses tied to its exposure to real estate group Signa Holding, as it announced CEO Philipp Rickenbacher would step down and the company will cut 250 jobs.

Group Chair Romeo Lacher said he and the board “deeply regret” net credit losses of 606 million Swiss francs ($701 million), well above consensus expectations, which include a loan loss allowance of 586 million francs. This led to a slide in operating income of 16%, to 3.3 billion francs.

Julius Baer in…



Source cnbc.com

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