In a surprising leadership change, Swiss private bank Julius Bär announced the appointment of Stefan Bollinger, a partner at Goldman Sachs, as its new CEO. Bollinger will take over the traditional Zurich-based private bank no later than February 1, 2025, following a challenging period marked by substantial financial losses and executive departures. According to Google Trends, the name Stefan Bollinger was one of the most frequently searched terms on Tuesday.
Stefan Bollinger’s Appointment
Stefan Bollinger, currently Co-Head of Private Wealth Management EMEA at Goldman Sachs in London, will succeed Philipp Rickenbacher, who stepped down earlier this year. Bollinger’s extensive background in banking and financial markets, spanning three decades and including roles in trading, structuring, sales, treasury, and wealth management, positions him as a strong leader for Julius Bär. Under his leadership, the PWM EMEA division at Goldman Sachs more than doubled its managed assets over the past five years.
The Signa Group Debacle
Julius Bär has recently been under scrutiny for its dealings with the disgraced Austrian real estate investor Rene Benko and his Signa Group. The bank suffered a staggering CHF 586 million ($678 million) loss on loans to Signa, which declared bankruptcy in November 2023. This loss significantly impacted Julius Bär’s financial health, causing net profits to plummet by 52% year-on-year, to CHF 454 million.
The financial blow resulted in the resignation of CEO Philipp Rickenbacher, who accepted responsibility for the bank’s exposure to Signa. Moreover, several board members involved in the private credit business had their 2023 bonuses stripped, and the chair of the risk and governance committee announced their resignation.
Bollinger’s appointment is expected to steer Julius Bär towards stability and growth. His international experience, having worked in financial hubs such as Hong Kong, London, Luxembourg, New York, and Zurich, will be invaluable as the bank seeks to rebuild its reputation and financial strength.
