Latest news with #Bollinger
Business Times
2 days ago
- Business
- Business Times
Julius Baer's new goals fail to impress in setback for CEO
[ZURICH] Julius Baer Group unveiled fresh targets aimed at cutting costs and setting the Swiss wealth manager on the road to better profitability, though investors saw little reason to cheer. Shares in the Zurich-based lender fell after the open on Tuesday (Jun 3), following chief executive officer Stefan Bollinger's announcement of an extra 130 million Swiss francs (S$205 million) in cost cuts through 2028. The bank set a weaker efficiency target, and gave little detail on growth measures. Bollinger and new chairman Noel Quinn are seeking to put the bank on a path for growth after a string of missteps including the 2023 losses linked to the Signa real estate collapse. Yet both of Bollinger's strategy announcements since taking over in January have left investors looking for more. Baer shares were down 1.5 per cent at 9.47 am in Zurich. The firm scrapped medium-term targets for profitability, and instead introduced a goal for net new money, a key metric for wealth managers. The bank aims to improve the measure by 4 to 5 per cent over the next three years. 'Baer has reported an underwhelming strategy update as net new money and cost income ratio targets fail to excite relative to expectations,' analysts including Tom Hallett at KBW wrote in a note. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up On growth, the bank said it intends to 'sharpen segmentation and coverage, enhance its product offering, strengthen top positions in core geographies, and increase productivity.' Buybacks frozen In May the bank booked another large loss from property developments it helped finance. The 130 million Swiss francs loan-loss charge related to its private debt business and selected positions in its mortgage operation. In the same month Julius Baer disclosed that regulators had ordered it to hand over 4.4 million Swiss francs because of alleged failings in money-laundering controls related to transactions that had occurred between 2009 and 2019. Baer confirmed that a share buyback programme is on hold until it has clarity over the outcome of an investigation into the Benko losses by the regulator Finma has concluded. Anke Reingen, an analyst at RBC Capital Markets, said that the target updates 'make sense' but that investors would need to see 'evidence of a better outcome and buybacks to resume to see earnings growth and upgrades coming through.' BLOOMBERG
Business Recorder
2 days ago
- Business
- Business Recorder
Julius Baer to make further cost cuts of $159 million by 2028
ZURICH: Julius Baer will implement more cost-saving measures amounting to 130 million Swiss francs ($159.02 million) by 2028, the Swiss private bank said on Tuesday, as CEO Stefan Bollinger seeks to turn the page on past setbacks and restore confidence. The wealth manager announced a writedown of 130 million Swiss francs last month, which followed losses of 586 million Swiss francs made public early last year, leading to a management shake-up. Bollinger took over as CEO in January, and ex-HSBC chief Noel Quinn joined the bank as its new chairman in May. Julius Baer said it was targeting an adjusted cost-to-income ratio of less than 67% and aiming for a 4–5% net new money growth target by 2028, in a strategy update. Shares were down 2% in early trading. Julius Baer told to pay $5mn for money laundering control failures 'Julius Baer's new strategy under recently-appointed CEO Stefan Bollinger is based on fairly conservative assumptions, which should make new targets achievable, but equally those new targets are well-below market expectations,' Citi analysts said in a research note. The bank had already announced a gross cost savings target of 110 million Swiss francs by end-2025, which it anticipated to exceed by around 20 million Swiss francs. 'Julius Baer is committed to upgrading its risk and compliance management processes and accountability throughout the organisation,' it said on Tuesday.
Business Times
2 days ago
- Business
- Business Times
Julius Baer focuses on costs as CEO sets ‘realistic' goals
JULIUS Baer is stepping up its efforts on cost cutting while setting 'realistic' performance targets, as chief executive officer Stefan Bollinger seeks to move past a string of legacy issues. The Zurich-based wealth manager will seek 130 million Swiss francs (S$205 million) in cost reductions to 2028, according to a statement ahead of an investor day on Tuesday (Jun 3), while introducing a less ambitious efficiency goal. Bollinger and new chairman Noel Quinn are seeking to put the bank on a path for growth after 2023 losses linked to the Benko real estate collapse. Yet the bank is struggling to put the previous era behind it, amid restructuring and a continued drip feed of bad news. The firm scrapped medium-term targets for profitability, and instead introduced a goal for net new money, a key metric for wealth managers. The bank aims to improve the measure by 4 to 5 per cent over the next three years. In May the bank booked another large loss from property developments it helped finance. The 130 million Swiss francs loan-loss charge related to its private debt business and selected positions in its mortgage operation. 'Baer has reported an underwhelming strategy update as net new money and cost income ratio targets fail to excite relative to expectations,' analysts including Thomas Hallett at KBW wrote in a note. In the same month Julius Baer disclosed that regulators had ordered it to hand over 4.4 million Swiss francs because of alleged failings in money-laundering controls related to transactions that had occurred between 2009 and 2019. Baer confirmed that a share buyback programme is on hold until it has clarity over the outcome of an investigation into the Benko losses by the regulator Finma has concluded. Anke Reingen, an analyst at RBC Capital Markets, said that the target updates 'make sense' but that investors would need to see 'evidence of a better outcome and buybacks to resume to see earnings growth and upgrades coming through.' BLOOMBERG
Globe and Mail
3 days ago
- Automotive
- Globe and Mail
Mullen Reaches Definitive Agreement to Acquire Additional 21% of Bollinger Motors, Bringing Its Total Ownership to 95% and Eliminates Significant Debt
Transaction increases shareholder equity by approximately $3.5M As part of agreement, Mullen extinguishes significant debt, gains additional 21% ownership and regains full control of Bollinger Motors Bollinger to continue operating as a majority owned Mullen subsidiary; Mullen will continue to provide full financial backing on sales, service, and warranty of vehicles Bollinger to ramp up sales activity immediately while consolidating and streamlining operations BREA, Calif., June 02, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) ('Mullen' or the 'Company'), an electric vehicle ('EV') manufacturer, announces today that the Company has successfully acquired an additional 21% of Bollinger Motors, Inc. ('Bollinger') bringing its total ownership to 95%. This strategic transaction increases shareholder equity by approximately $3.5 million and reinforces Mullen's long-term vision for Bollinger and its dedication to current and future customers. Mullen resolved recent claims and debt that had led to a court-ordered receivership for Bollinger. The court in that action has entered an order discharging and removing the receiver, as well as dismissing the case with prejudice, ensuring Bollinger's continued operations under Mullen's complete ownership and strategic direction. Bollinger will continue to operate as an independent majority subsidiary, maintaining its own brand identity and focus. All existing and future Bollinger customers can expect business as usual, with full backing and comprehensive coverage on sales, service, and warranty for their Bollinger vehicles. 'This is an important moment for both Mullen Automotive and Bollinger Motors,' said David Michery, CEO and chairman of Mullen Automotive and Bollinger Motors. 'Our investment in acquiring the vast majority of remaining shares and resolving certain significant outstanding debt demonstrates our belief in and continued commitment to Bollinger's vehicle lineup and future.' The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique Quad-Bend chassis design protects the 158-kWh battery pack and components to offer unparalleled capability, maneuverability, and safety in the commercial market. The vehicle has a 185-mile range, 46-foot turning radius and a payload of 7,325 pounds, making it ideal for a variety of urban operations. Bollinger will continue to focus on the development and production of the B4 platform, leveraging Mullen's resources and expertise to accelerate its progress. The integration of Bollinger's capabilities into Mullen's broader EV ecosystem is expected to create significant synergies, driving innovation and market expansion. About Bollinger Motors Founded in 2015, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Michigan. Bollinger is producing and selling its all-electric commercial Class 4 chassis cab truck. In September of 2022, Bollinger became a majority-owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at About Mullen Mullen Automotive Inc. (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ('EVs') with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ('CARB') and EPA certified and available for sale in the U.S. The Company's commercial dealer network consists of seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets. In September 2022, Bollinger Motors, Inc. became a majority-owned EV truck company of Mullen. Bollinger has passed numerous milestones, including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer and service network with over 50 locations across the United States. To learn more about the Company, visit Forward-Looking Statements Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to the outcome of sales initiatives, whether the Bollinger B4 will prove successful; how long state and federal electric vehicle incentive programs will continue to apply; the ability of Bollinger Motors' B4 Class trucks to qualify for such incentive programs; and the impact of incentive programs on the resultant price of the Bollinger B4 Class trucks. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date. Corporate Communications: IBN Austin, TX 512.354.7000 Office
Associated Press
3 days ago
- Automotive
- Associated Press
Mullen Reaches Definitive Agreement to Acquire Additional 21% of Bollinger Motors, Bringing Its Total Ownership to 95% and Eliminates Significant Debt
Transaction increases shareholder equity by approximately $3.5M As part of agreement, Mullen extinguishes significant debt, gains additional 21% ownership and regains full control of Bollinger Motors Bollinger to continue operating as a majority owned Mullen subsidiary; Mullen will continue to provide full financial backing on sales, service, and warranty of vehicles Bollinger to ramp up sales activity immediately while consolidating and streamlining operations BREA, Calif., June 02, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) ('Mullen' or the 'Company'), an electric vehicle ('EV') manufacturer, announces today that the Company has successfully acquired an additional 21% of Bollinger Motors, Inc. ('Bollinger') bringing its total ownership to 95%. This strategic transaction increases shareholder equity by approximately $3.5 million and reinforces Mullen's long-term vision for Bollinger and its dedication to current and future customers. Mullen resolved recent claims and debt that had led to a court-ordered receivership for Bollinger. The court in that action has entered an order discharging and removing the receiver, as well as dismissing the case with prejudice, ensuring Bollinger's continued operations under Mullen's complete ownership and strategic direction. Bollinger will continue to operate as an independent majority subsidiary, maintaining its own brand identity and focus. All existing and future Bollinger customers can expect business as usual, with full backing and comprehensive coverage on sales, service, and warranty for their Bollinger vehicles. 'This is an important moment for both Mullen Automotive and Bollinger Motors,' said David Michery, CEO and chairman of Mullen Automotive and Bollinger Motors. 'Our investment in acquiring the vast majority of remaining shares and resolving certain significant outstanding debt demonstrates our belief in and continued commitment to Bollinger's vehicle lineup and future.' The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique Quad-Bend chassis design protects the 158-kWh battery pack and components to offer unparalleled capability, maneuverability, and safety in the commercial market. The vehicle has a 185-mile range, 46-foot turning radius and a payload of 7,325 pounds, making it ideal for a variety of urban operations. Bollinger will continue to focus on the development and production of the B4 platform, leveraging Mullen's resources and expertise to accelerate its progress. The integration of Bollinger's capabilities into Mullen's broader EV ecosystem is expected to create significant synergies, driving innovation and market expansion. About Bollinger Motors Founded in 2015, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Michigan. Bollinger is producing and selling its all-electric commercial Class 4 chassis cab truck. In September of 2022, Bollinger became a majority-owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at About Mullen Mullen Automotive Inc. (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ('EVs') with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ('CARB') and EPA certified and available for sale in the U.S. The Company's commercial dealer network consists of seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets. In September 2022, Bollinger Motors, Inc. became a majority-owned EV truck company of Mullen. Bollinger has passed numerous milestones, including its B4, Class 4 electric truck production launch on Sept. 16, 2024, and the development of a world-class dealer and service network with over 50 locations across the United States. To learn more about the Company, visit Forward-Looking Statements Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as 'continue,' 'will,' 'may,' 'could,' 'should,' 'expect,' 'expected,' 'plans,' 'intend,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential' and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to the outcome of sales initiatives, whether the Bollinger B4 will prove successful; how long state and federal electric vehicle incentive programs will continue to apply; the ability of Bollinger Motors' B4 Class trucks to qualify for such incentive programs; and the impact of incentive programs on the resultant price of the Bollinger B4 Class trucks. Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen's ability to successfully expand in existing markets and enter new markets; (iv) Mullen's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen's business; (viii) changes in government licensing and regulation that may adversely affect Mullen's business; (ix) the risk that changes in consumer behavior could adversely affect Mullen's business; (x) Mullen's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen's plans and expectations as of any subsequent date. Contact: Mullen Automotive, Inc. +1 (714) 613-1900 Corporate Communications: IBN Austin, TX 512.354.7000 Office [email protected]
