Julius Baer appoints Goldman Sachs banker as new chief executive
Published: Tuesday, Jul 23rd 2024, 11:50
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After a long search, Bank Julius Baer has found a new CEO. Stefan Bollinger, who works for Goldman Sachs in London, will take over from Philipp Rickenbacher, who resigned in February due to the Signa debacle, at the beginning of 2025.
Bollinger will take up his new role at Julius Baer "by the beginning of February 2025 at the latest", the Zurich-based wealth management bank announced on Tuesday. The appointment of the Swiss banker, who has spent a large part of his professional life abroad, comes as a surprise to Julius Baer. Stefan Bollinger's name had not appeared in the numerous speculations of recent months.
Track record in asset management
Born in 1974, the Swiss national is currently a member of the European co-head of wealth management for Europe, the Middle East and Africa (EMEA) at Goldman Sachs in London. Under Bollinger's leadership, the division has more than doubled its assets under management over the past five years, writes Julius Baer.
Bollinger has an "outstanding track record" in global banking and wealth management for private clients, Julius Baer Chairman Romeo Lacher stated in the press release. He had managed and built up important business areas at Goldman Sachs, most of them "at the interface between wealth management and capital markets". He also brings with him a comprehensive understanding of risks and products.
During his career, Bollinger has worked in Zurich, Hong Kong, London, Luxembourg and New York. He began his career at Zürcher Kantonalbank and also worked at the US bank JPMorgan in London. Bollinger joined Goldman Sachs in 2004 and has been a partner for 14 years. At the US investment bank, he managed various business areas and was also country head for Switzerland.
Uncertainty eliminated
Since the resignation of Philipp Rickenbacher, Julius Baer has been managed on an interim basis by his then deputy Nic Dreckmann. The interim CEO will now lead the Group until Bollinger takes over, thus ensuring a "seamless transition". He will then remain a member of the Executive Board.
Analysts welcomed the appointment of the new CEO on Tuesday. Bollinger is qualified to lead the private bank and overcome the problems arising from the Signa loan, commented Vontobel analyst Andreas Venditti. "We look forward to getting to know him soon."
The appointment of a new CEO has long been expected and removes an important uncertainty, according to ZKB. However, the future CEO of Julius Baer is little known to investors. The Julius Baer share reacted to the appointment with a slight rise on Tuesday. The private bank will then publish its half-year figures on Thursday.
Consequences of the Signa loan
Former Julius Baer CEO Rickenbacher's resignation at the beginning of February was the result of his bank's high level of lending to Austrian investor René Benko's troubled real estate group Signa. In the 2023 annual results, Julius Baer had written off the entire amount of the Signa loan at risk, which amounted to CHF 606 million, in a "liberating blow", which led to a halving of Group profit.
The asset management bank had been in the negative headlines for months after the endangered loan exposure to the Signa Group became known in November 2023. The news caused the share price to plummet by around 20 percent at the time. Even though they have recovered since then, Bär shares are still trading below last summer's level.
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