Latest news with #Bollinger
Mint
2 days ago
- Business
- Mint
Julius Baer Inflows Beat as CEO Bollinger Revamps Swiss Firm
(Bloomberg) -- Julius Baer Group Ltd. reported better-than-expected inflows in the first half as new Chief Executive Officer Stefan Bollinger seeks to move on from a string of missteps. Clients added a net 7.9 billion Swiss francs ($9.9 billion) in the six months through June, exceeding the 6.5 billion francs estimated by analysts. Net income fell 35% to 295 million francs, reflecting the impact of a previously disclosed loan loss allowance and a divestment in Brazil. 'We have good momentum and we are moving in the right direction,' Bollinger said in an interview. The CEO and Chairman Noel Quinn are seeking to put the bank on a path for growth again after losses linked to the collapse of Rene Benko's real estate empire prompted the wealth manager to shake up its management. Yet a drip feed of bad news has complicated their mission. In May, the bank booked another large loss from property developments it helped finance, resulting in a 130 million-franc charge related to its private debt business and selected positions in its mortgage operation. Julius Baer said it hasn't found a need so far for more loan loss allowances as it continues the review of its credit book, which is expected to be completed 'in the next few months.' Shares of Julius Baer rose 2.3% at 9:O2 a.m. in Zurich, paring losses this year to around 1%. 'While it is early days in the execution of the strategy, net new money trends and operating performance especially on costs were encouraging,' Anke Reingen, an analyst at RBC Capital Markets, wrote in a note. As part of his turnaround plan, the new CEO has slashed the top management ranks and announced hundreds of job cuts. He has cautioned that his restructuring efforts will push up expenses at first, before bearing fruit from next year. Julius Baer said on Tuesday that 78 relationship managers have left so far this year, most of them for performance reasons. (Updates with CEO comment in third paragraph, shares in seventh.) More stories like this are available on
Business Times
2 days ago
- Business
- Business Times
Julius Baer's first-half profit falls 35% on loan provisions, Brazil unit sale
[BERN] Swiss bank Julius Baer posted a first-half profit of 295 million francs (S$473.5 million) on Tuesday (Jul 22), down 35 per cent year-on-year, pressured by loan loss provisions and a charge related to the sale of its Brazilian wealth management unit. The decline reflected earlier-flagged writedown of 130 million Swiss francs, the bank said, adding that it made strong progress on legacy issues. 'We are now in full execution mode of our strategic agenda, focused on our core wealth management lane, balancing sustainable growth and cost discipline with strengthened risk management,' CEO Stefan Bollinger told journalists. To date, the bank had no additional loan loss allowances to report, Bollinger added. 'Once the credit review has been completed, we'll be in a position to decide whether or not additional loan loss allowances are required,' he said. Net new money more than doubled year-on-year to 7.9 billion Swiss francs, bringing assets under management to 483 billion francs, as of end-June, Julius Baer said in its half-year results presentation. Positive effects of solid net new money and rising global equity market valuations were more than offset by the impact of the weaker US dollar and the sale of Julius Baer Brazil in March 2025, the bank said. The bank is on track to achieve 130 million Swiss francs in additional gross cost savings by the end of 2025, according to the statement. REUTERS
Business Times
17-07-2025
- Business
- Business Times
Julius Baer seeks to cut bonuses of bankers with risky books: sources
[ZURICH] Julius Baer Group plans to reduce the bonuses of relationship managers who generate revenue from high-risk business, as the bank seeks to introduce a new pay culture, according to people familiar with the matter. The amount that advisers will see their pay docked varies depending on factors such as the type of transaction and the type of market involved, the people said, asking not to be named discussing remuneration. The change is pending regulatory approval, one of the people said. The move comes as the bank's new chief executive officer Stefan Bollinger and chairman Noel Quinn seek to reset the Swiss bank and put it on a path for growth after a string of missteps, including running up a US$700 million exposure to Rene Benko's real estate empire. At an investor event in London last month, Bollinger said the bank was reviewing the compensation model with the aim to better align relationship managers' incentives with the interests of the bank and its shareholders. 'We want to incentivise the RMs to focus predominantly on long-term sustainable growth and therefore we will be very focused on the quality of net new money,' he said. A Julius Baer spokesperson said the changes, which are pending board approval, would 'preserve the essence of our framework, as we pay for performance and want to attract the best talent.' Wealth managers have different compensation models but often incentivise bankers through bonus payments that are tied to new assets they bring in. In June, Baer unveiled fresh targets and reintroduced a goal for net new money, which Bollinger stressed was underpinned by strengthened risk management. 'Risk management is my DNA, and I will be laser-focused on this,' Bollinger said. In its interim earnings update in May, the bank announced that Ivan Ivanic was taking over as chief risk officer from Oliver Bartholet, who was retiring. It also said the executive board would be strengthened by a new compliance officer role, to be announced in due course. BLOOMBERG
Mint
17-07-2025
- Business
- Mint
Julius Baer Seeks to Cut Bonuses of Bankers With Risky Books
(Bloomberg) -- Julius Baer Group Ltd. plans to reduce the bonuses of relationship managers who generate revenue from high-risk business, as the bank seeks to introduce a new pay culture, according to people familiar with the matter. The amount that advisers will see their pay docked varies depending on factors such as the type of transaction and the type of market involved, the people said, asking not to be named discussing remuneration. The change is pending regulatory approval, one of the people said. The move comes as the bank's new Chief Executive Officer Stefan Bollinger and Chairman Noel Quinn seek to reset the Swiss bank and put it on a path for growth after a string of missteps, including running up a $700 million exposure to Rene Benko's real estate empire. At an investor event in London last month, Bollinger said the bank was reviewing the compensation model with the aim to better align relationship managers' incentives with the interests of the bank and its shareholders. 'We want to incentivize the RMs to focus predominantly on long-term sustainable growth and therefore we will be very focused on the quality of net new money,' he said. A Julius Baer spokesperson said the changes, which are pending board approval, would 'preserve the essence of our framework, as we pay for performance and want to attract the best talent.' Wealth managers have different compensation models but often incentivize bankers through bonus payments that are tied to new assets they bring in. In June, Baer unveiled fresh targets and reintroduced a goal for net new money, which Bollinger stressed was underpinned by strengthened risk management. 'Risk management is my DNA, and I will be laser-focused on this,' Bollinger said. In its interim earnings update in May, the bank announced that Ivan Ivanic was taking over as Chief Risk Officer from Oliver Bartholet, who was retiring. It also said the executive board would be strengthened by a new compliance officer role, to be announced in due course. (Adds need for board approval in 6th paragraph.) More stories like this are available on
Time of India
08-07-2025
- Business
- Time of India
Top stocks to buy today: Stock market recommendations for July 8, 2025
Top stocks to buy today (AI image) Stock market recommendations: According to Somil Mehta, Head - Alternate Research, Capital Market Strategy, Mirae Asset Sharekhan, Jio Finance, and Varun Beverages Limited (VBL) are the top stocks to buy today: Jio Finance – Buy in the range between Rs 326 & Rs 330; Stop Loss: Rs 319; Target Rs 345 Jio Finance has formed a flag pattern and is expected to break out on the upside. Momentum indicators have also given a positive crossover above the zero line. The stock has been consolidating in a broad range since last week and has closed above 10 daily moving average i.e. 320, resuming the uptrend today. The stock is expected to continue the uptrend till the previous swing high i.e. 345. Key resistance is 332 & 345 and support is at 323 and 319. VBL – Buy in the range between Rs 462 & Rs 466; Stop Loss: Rs 449; Target: Rs 493 Varun Beverages Limited has broken out of an Ending Diagonal pattern and has resumed the uptrend. The stock has been consolidating since last month and has taken support at the lower end of the Bollinger band i.e. 445. Momentum indicator has given positive crossover below the zero line. The stock is expected to continue the uptrend till the previous swing high i.e. 493. Key resistance is at 475 & 493 and support is at 458 and 449. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
