Baer’s Sneaker-Wearing CEO Aims for Growth with Less Consulting Help
Julius Baer’s new CEO emphasizes cost discipline and self-reliance among staff while aiming for growth without relying on consultants
Julius Baer, Stefan Bollinger, Zurich, Switzerland, Consultants, Wealth Management
Zurich: So, Julius Baer just got a new CEO, Stefan Bollinger, and he’s shaking things up a bit. In his first chat with the team, he stressed that while they want to grow, they also need to keep an eye on costs. He’s not a fan of having too many consultants around.
During a town-hall meeting, he encouraged everyone to think independently. He mentioned he’s never seen a bank rely so heavily on consultants, which is pretty telling. It seems like he wants the staff to trust their own judgment more.
People in the room even applauded when he said that. He wore sneakers from a Swiss brand called On, which is kind of cool, and he told everyone to be authentic. He also suggested that employees should own shares in the bank, which could be a nice incentive.
Bollinger believes their wealth-management model is solid, but he wants the team to be really focused on their clients. He’s aware that the bank has been struggling a bit, especially after the Benko real estate loan mess, and he’s looking to change that.
He pointed out that the bank’s cost-to-income ratio is too high, meaning they’ve hired a lot of people without seeing enough growth in return. To kick off his time as CEO, he plans to meet clients and engage with regulators, which is smart.
Investors are also waiting to hear about the investigation into the Benko situation, as it’ll affect when the bank can start payouts again. It’s a lot of change happening, and it’ll be interesting to see how it all unfolds.
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