Julius Baer, a Swiss bank based in Zurich, has announced the resignation of its CEO and its decision to exit the private debt business. This comes as the bank faces significant challenges, including exposure to the bankruptcy of Austrian asset manager Signa.
During a presentation on the bank's 2023 results, Chairman Romeo Lacher expressed regret and acknowledged that management had not been a good steward of the firm. However, he emphasized that the troubles were primarily linked to a single credit event and that other parts of the company were performing well.
