Julius Baer CEO Resigns Amid Exit from Private Debt Business

Bank sets aside over half a billion Swiss francs due to exposure to bankrupt asset manager Signa.

Julius Baer CEO Philipp Rickenbacher resigns amid the bank's decision to exit the private debt business.
The bank is setting aside more than half a billion Swiss francs over its exposure to bankrupt Austrian asset manager Signa.
Julius Baer's annual results reflected net credit losses of 606 million Swiss francs, 586 million of which included a loan-loss allowance for unspecified private debt exposure.
Deputy CEO and Chief Operating Officer Nic Dreckmann will step in as chief executive temporarily until a permanent successor can be found.
Julius Baer shares were up nearly 6% following the announcement.