30th December 2024 – (Zurich) Julius Baer has named Stefan Bollinger, a 50-year-old Swiss wealth manager, as its new CEO, a decision that has surprised many in the financial sector. Bollinger, currently Co-Head of Private Wealth Management EMEA at Goldman Sachs in London, will officially assume his role on 9th January, 2025, succeeding Philipp Rickenbacher amidst the fallout from the bank’s dealings with troubled Austrian investor René Benko.
Bollinger’s appointment follows a period of speculation regarding potential successors, including notable figures such as Ralph Hamers and Giorgio Pradelli. In a landscape marked by uncertainty, his selection represents a bold move for the Zurich-based private bank, reminiscent of the bank’s previous leadership transition in 2009 when Boris Collardi took the reins at a young age.
The ongoing repercussions of the Benko affair have left Julius Baer facing significant financial challenges, including write-offs amounting to 600 million Swiss francs. However, recent developments suggest a potential recovery, with estimates indicating that the bank might recoup nearly 100 million francs through the sale of Benko’s stake in Selfridges to the Saudi Public Investment Fund.
Bollinger will need to leverage both confidence and determination to rebuild client trust as the bank seeks stability following the upheaval. His clean slate and personable nature are seen as assets as Julius Baer aims to rejuvenate its reputation and restore investor confidence. With a projected profit rebound for 2024, Bollinger’s leadership will be crucial in navigating the bank’s recovery from the Benko debacle.
