One of Switzerland’s largest wealth managers, Julius Bär bank, has replaced its chief executive with a new appointment from within the ranks – Philipp Rickenbacher. He will take over from Bernhard Hodler from September 1 to continue the bank’s restructuring phase.
This content was published on
2 minutes
swissinfo.ch/mga
Hodler will continue to assist Rickenbacher into 2020 as the bank seeks to reduce annual costs by CHF100 million ($101 million), including a 2% reduction in headcount by the end of this year. Hodler will then end his 21-year association with Julius Bär to “pursue other projects”, the bank said in a statementExternal link.
Rickenbacher, aged 48, is currently Head of Intermediaries & Global Custody at Julius Bär. At the middle of this year the bank managed CHF427 billion of assets on behalf of wealthy people and institutions. Net profits increased 4% to CHF735 million in 2018External link, but the performance was viewed as underwhelming, weighing down on share prices.
The 125-year-old bankExternal link has struggled to replace its dynamic former CEO Boris Collardi since he left in 2017 and later moved on to rival Swiss wealth manager Pictet. Hodler lasted just under two years as his successor.
“We are delighted that, with Philipp Rickenbacher, we have been able to appoint an internal candidate with a compelling leadership and industry track record, deeply familiar with Julius Baer’s culture and business, but prepared to actively address the challenges of the future,” stated Julius Bär chairman Romeo Lacher on Monday.
“With our unique pure wealth management focus, our entrepreneurial spirit and values, we are perfectly equipped to continue to lead the industry in the years to come,” stated Rickenbacher, who has been at Julius Bär since 2004.
Popular Stories
More
Swiss Politics
In Switzerland, New Year brings ‘burka ban’ and pension hikes
This content was published on
More than six years after its launch, the 'Bepicolombo' space probe flew past the planet Mercury for the last time on Wednesday.
Swiss scientists discover unusual zones in Earth’s mantle
This content was published on
Using high-resolution models to study the Earth's mantle, scientists have identified zones of rocks in the lower mantle that are colder, or have a different composition, than surrounding rocks.
Egyptian diplomat’s murder: prosecutor calls for acquittal of defendant’s girlfriend
This content was published on
The Swiss attorney general has called for the girlfriend of the main defendant in the case of the assassination of an Egyptian diplomat in Geneva in 1995 to be acquitted. The woman is charged with complicity.
Low-cost e-tailers Temu and Shein put Swiss retail sector under pressure
This content was published on
Most Swiss retailers are concerned by the stiff competition from China's low-cost online platforms Temu and Shein, according to a survey.
This content was published on
More and more offices are standing empty in Switzerland's major cities. Nevertheless, new office constructions are likely to increase in the future, a study shows.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss mortgages and bank profits rise as jobs scale down
This content was published on
The SNBExternal link’s “Banks in SwitzerlandExternal link” annual report shows combined Swiss and foreign mortgage loans hitting CHF1 trillion in July 2018External link, and the same landmark being breached for purely domestic loans in November. Total mortgages had increased by CHF35.5 billion (or 3.6%) by the end of last year. The rise was fuelled by…
UBS scrambles to revive its faltering investment bank
This content was published on
UBS needs to make savings at its investment banking unit following the “worst first-quarter environment in recent history”.
Swiss asset manager settles US tax evasion charges
This content was published on
A US Department of Justice (DOJ) statement External linkon August 15 said the firm had entered a non-prosecution agreement and agreed to pay $5 million to the US for helping US taxpayer-clients create and maintain undeclared foreign bank accounts. Under the agreement Prime Partners handed over 175 client files for non-compliant US taxpayer-clients. The DOJ…
Credit Suisse freezes bonus pool after tough year of rebuilding
This content was published on
Credit Suisse has frozen its 2018 bonus pool while awarding its top executives double-digit pay rises, as it tries to keep investors onside.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.