People Moves
Julius Baer Names Goldman Sachs Figure For CEO Role
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As the Zurich-listed bank – which calls Asia its second home market – is seeking to move on from recent adverse financial results, it has named the man who will hold the CEO slot permanently, following the exit of his predecessor earlier in 2024.
Yesterday, Julius Baer announced that it has appointed Goldman Sachs senior figure Stefan Bollinger (pictured) as CEO, taking the role vacated earlier this year by the exit of Philipp Rickenbacher, following heavy losses sustained by the Swiss bank from loans to a conglomerate.
Bollinger will start his role no later than 1 February 2025, the private bank said in a statement.
A Swiss citizen, Bollinger is co-head of private wealth management for Europe, Middle East and Africa at Goldman Sachs in London. He is also a member of the firm’s European management committee and global wealth operating group. In all, he has three decades of experience in financial markets, performing various roles across trading, structuring, sales, treasury, and wealth management.
“Under Stefan’s leadership, we will future-proof Julius Baer as the leading pure-play private bank, and create the best conditions for sustainable growth,” Romeo Lacher, chairman of Julius Baer, said. “Our priorities to achieve this are to create value for clients and shareholders in everything we do, to strengthen and to ensure state-of-the-art risk management, and to foster a culture of excellence.”
Bollinger’s appointment comes as the Zurich-listed firm seeks to move on from an episode that saw it record a hit to its full-year 2023 financial results from credit losses of SFr606 million ($680.7 million). Philipp Rickenbacher stepped down as CEO by mutual consent when the bank reported its results. Nic Dreckmann, deputy CEO and chief operating officer, became interim CEO. The results came at a time when the wider Swiss banking sector was still digesting the impact of the UBS/Credit Suisse shotgun marriage following the mishaps and scandals that had slammed Credit Suisse.
The new boss
Julius Baer said that Bollinger’s career has spanned stints
in Hong Kong, London, Luxembourg, New York, and Zurich.
He joined Goldman Sachs in 2004 and has been a partner for
14 years. Prior to joining Goldman Sachs, he worked at JP Morgan
in London. Bollinger started his career at Zürcher Kantonalbank.
“He has an excellent track record in global banking and wealth management. He was instrumental in expanding the presence of Goldman Sachs in Asia, Europe, the Middle East, and Africa,” Lacher said. “Stefan led and built outstanding businesses, most of them at the intersection of wealth management and capital markets. His experience combines a comprehensive understanding of risk, products, and of how to deliver value to global wealth management clients through building scalable client-centric businesses.”
Lacher also thanked Dreckmann, acting CEO, for his work in recent months. “Nic will continue to lead the group until Stefan’s arrival and ensure a seamless handover. Following the handover, we are looking forward to continuing to count on Nic as a member of the executive board,” Lacher added.
Bollinger is a CFA Charterholder, Certified EFFAS Financial Analyst, and graduated with distinction from the Winterthur Business School.