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Julius Baer, the largest pure-play asset manager in Zurich, is undergoing renovation. Today 's figures give a first glimpse of moulting.
Money from clients under management jumped more than 10% to $ 427 billion between January and April. New record – market hype.
But the bear can not really convince. In any case, after a recovery, the share price fell to 40 francs.
At the same time as the jubilee report on assets under management, Bär-Bank announces that it will now dispose of its "hot" customers.
"A small number of customer departures as part of the ongoing customer risk assessment project also left traces," said the private bank this morning.
what
harmless, he has in himself. Bear patterns have begun
clean. Apparently, nothing else remains.
Internal supervision, running procedure – happig.
the
Repentance comes late and hesitant. Under the old boss Boris
Collardi and his man for all risks Bernhard Hodler – the
The CEO of the bear of today has become the hand of all the oligarchs and all the rich
tense.
Thus, a Georgian named Ivanishvili arrived at Julius Baer's house a few years ago with several hundred million dollars. The same Ivanishvili is fighting a huge legal battle against CS for flagrant fraud on the part of his CS banker in Geneva.
super rich
like Ivanishvili, which can become a nightmare for any bank
were taken over by the Collardi-Hodler duo without hesitation. more
New money, no matter who – that is the motto.
the
conformity
play withTheir bosses earned a lot of money. In turn, seen
she is moving away. A troop that fulfilled its task only on paper –
and sometimes not even there.
special
Anschauungsunterricht in the almost active look that departs from the
Compliance officers provide the Vincenz case.
Yves
Bonnet, the chief compliance officer before Julius Baer, was launched in the summer of 2015
in the picture on the hot deals between the Raiffeisen boss and
its intimacy of long-term partnerships.
Bonnet said at the end of a conference on the dangers of Vincenz and his colleague as a customer of Bär that he understood the reservations, but that it would give one last chance to Vincenz and his colleagues.
she
nothing else should happen, otherwise it would be taken. A few
Months later, the next questionable payment came on the wallet.
Reaction cap: no.
if
This went to Bär. Compliance for substance, so that officials at
The Finma in Bern has nothing to complain about.
only
with the many money laundering explosions around the customers
Venezuela, the Fifa complex, Brazil and the Vincenz and
further afield in Switzerland, the bear bosses were cold feet.
now
They seem to want to remedy this for the first time. That this reversal
far from laissez-faire to professional tests in the
The management of Bernhard Hodler arrives, does not miss any part
Irony.
Hodler
embodied the old Wegschau culture like no other. He allowed,
that Collardi could bring all the most in demand clients to the bank, signaled to the
Newcomers, never opposed.
A kind of Gisel of the Bank of Bears: the docile number 2 of the Tutti-Guy on the throne – hoping to be named one of his successors.
than
It's actually a turning point in bear watching
could come, as indicated by a recent personality.
One of the best known women in internal compliance has just been published. She was considered the darling of the chiefs of compliance, chiefly Chief Roman Baumgartner. No one was allowed to offend him.
In the area of compliance, there have been massive departures of good people who have taken their jobs seriously – limiting the risks and complying with the regulations. They could no longer stand it in a place where the Vetterliwirtschaft proliferated.
For Bär, it is said that the woman executive had done a good job and that her leadership style had not resulted in dismissal. Their departure is only the result of the adopted austerity program. In this case, approximately 140 jobs are canceled.
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