(Bloomberg) -- Julius Baer Group Ltd’s new Chief Executive Officer Stefan Bollinger used his first address to staff to say that the bank’s pursuit of growth should be paired with more discipline on costs — including by getting rid of consultants.
In a town-hall meeting in Zurich Thursday, the ex-Goldman Sachs Group Inc. partner urged employees to think for themselves, according to people familiar with the matter. He said he’d “never seen” a bank with more consultants.
There was a distinct lack of confidence in the bank’s own capabilities and own decision-making, Bollinger said, according to the people, who asked not to be named discussing internal matters. Staffers need to believe they can take their own decisions, he was cited as saying. Bollinger received applause for the statement, the people said.
A spokesman for Julius Baer declined to comment on the town-hall.
Wearing sneakers from the Swiss brand On, Bollinger said that staff should be “authentic,” and encouraged all to own shares in the bank. The firm’s wealth-management focused business model was fundamentally the right one, he said, adding that staff should be “obsessed” with clients and talking to them as much as possible.
The focus on cutting costs matches concerns raised by analysts in recent quarters, as the bank’s performance has lagged targets in the wake of the Benko real estate loan scandal. Bollinger’s appointment, who hasn’t led a major bank or served as an executive board member at one, may help end a period of limbo that’s lasted for almost a year since the previous CEO, Philipp Rickenbacher, was fired.
The firm’s cost-to-income ratio was too high, as it had brought on a lot of staff without enough corresponding growth, he said. The executive said he’ll start his tenure by meeting clients, including at the upcoming World Economic Forum in Davos, Switzerland, as well as interacting with the country’s regulator, Finma. The agency should be one of the bank’s most important stakeholders, he said.
Investors in Julius Baer are awaiting news on the conclusion of an investigation into the Benko saga by Finma, which will help determine if and when the bank will resume payouts. Executives have previously said it was planning to do so this year.
©2025 Bloomberg L.P.