Julius Bär, a supposedly conservative private bank, is reportedly facing a potential disclosure regarding its expected profits. The bank’s profits are expected to be lower than anticipated due to a 600 million credit for René Benko’s Signa Group. It is speculated that the bank may have incurred losses from other private debt clients as well.
The CEO of Julius Bär, Philipp Rickenbacher, is at the center of the crisis. He had been supportive of the Signa loans, even involving the bank’s risk committee. However, this risky credit policy has led to a loss of 2 billion in market value within three weeks.
The question now is who will take responsibility for this debacle. Rickenbacher’s strategy of deflecting blame may backfire, as it is widely known that he was involved in approving the Benko/Signa loan. The possibility of sacrificing Rickenbacher to regain control of the situation is being considered, as simply replacing him with a subordinate may not be sufficient.
If no one is held accountable, Julius Bär may continue to face unrest. Major newspapers have already started targeting the top executives of the bank. The stock price has also been affected, with a slight decline today after briefly stabilizing last week.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇦🇹 🇨🇭 |
| Sentiment | very negative |
| Relevance Score | 1 |
| People | René Benko, Philipp Rickenbacher |
| Companies | Signa-Gruppe, CS, Julius Bär, UBS |
| Currencies | None |
| Securities | None |
