Julius Baer has cut bonuses for senior executives after his private debt business became a huge drag on profits.
The private bank said its loss reserve for the largest risk in its private debt business, which it is winding down, ate up net inflows in 2023, the bank’s financial report showed.
Among those who did not receive any bonuses is outgoing CEO Philipp Rickenbacher, whose salary was capped at his base salary of 1.5 million Swiss francs. In contrast, he was paid CHF 5.6 million in 2022.