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Julius Baer has appointed former HSBC Executive Director Noel Quinn as his next chairman, since Switzerland’s bank and a wealth manager started the expense and seeks to recover from the crisis that launched an exposure to the unsuccessful property group of sign.
Quinn He has spent almost four decades on HSBC has been appointed executive director of the Group in March 2020.
He unexpectedly announced his retirement in April, citing a hard work burden and the need for a better balance of working life. Quinn said he would “continue his portfolio career” after leaving.
Julius Baer posted last month that his departing chair, Romeo Lacher, would not seek a re -choice After serving a five -year term. The wealth leader said at the time that Lacher informed the committee of his intention to resign last year.
Quinn, who led the overhaul of Europe’s largest European bank before handing over the reins in September, would be “invaluable” for a private bank based in Zurich, because he “entered the new phase. Growth and development,” said Vice President Julius Baer, Richard Campbell-break.
During his five years at the helm of HSBC, Quinn helped to discover an intense activist campaign of investor Pingu an in to separate banks in Asia and help the bank management through the Koronavirus pandemia.
Quinn also recorded the advantages on the big rise in interest rates, which significantly encouraged net income from HSBC interest, but former colleagues claimed that it was not far enough from the reduction of costs, which is a key goal for its successor, Georges Elhedery.
Quinn’s appointment is subject to the approval of shareholders at the Bank’s annual assembly in April. The nomination news was first reported by Bloomberg News.
The appointment of a veteran banker follows a series of management changes in Julius Baer after the signature implosion at the end of 2023.
The collapse of former billionaire René Benka-Koji once included roles in London’s Selfridges, the New York CHYKER building and the UPMARKET Kadewe department store in Berlin-he wrote to the bank of SFR606 MN (700 million USD) for a 52-year-old company.
Philipp Rickenbacher eventually left in February 2024. After five years at work, and a wealth manager then addressed the banker Goldman Sachs Stefan Bollinger as his new executive director.
Rickenbacher was originally brought in to bring stability to the wealth manager, after regulatory probes in his FIFA jobs, world football management body and a separate alleged cases of corruption.
But Julius Baer’s expansion to a private debt During Rickenbacher’s mandate in charge, with a unit that borrowed money not listed in companies, she eventually ended up in Debacla and his exit.
Bollinger, which began only last month, has launched an aggressive strategy of cost reduction, including jobs to reduce, reduce executive committee and training a Swiss group.
