21-05-2025
CEO: Julius Baer does not expect additional major losses after $156 million writedown
May 21 (Reuters) - Julius Baer (BAER.S), opens new tab does not expect additional major credit losses, CEO Stefan Bollinger said on Wednesday, after the Swiss bank revealed a net charge of 130 million Swiss francs ($156.36 million) in a review of its credit portfolio.
"While the review is ongoing, based on our findings to date, we do not expect to uncover additional material idiosyncratic risks that could lead to significant credit losses," Bollinger said.
The 130 million francs in credit losses were across the remainder of the private debt book that the bank wound down ahead of plan and certain positions in the market book which it was reviewing, said CFO Evie Kostakis.
"We can confirm that it's several facilities across several clients across the remainder of the private debt book and the mortgage book," she added.
