In an interview on Monday, Julius Baer (BAER.S) CEO said he is having “productive negotiations” with Credit Suisse (CSGN.S) employees who want to leave after UBS (UBSG.S) took control.
Philipp Rickenbacher told the Financial Times that rich Swiss account holders were “moving to quality” from UBS and Credit Suisse, whose business models involve riskier investment banking.
He told the publication that Swiss authorities’ last-month takeover would be challenging. “An integration of such size in Switzerland will need a lot of money, effort, and complexity.”
Julius Baer, Switzerland’s largest private bank. It works with rich clients and does not speculate or manage assets.
Rickenbacher added, “Our model.
“We have employment possibilities throughout South America, Asia, Europe, and Switzerland,” he stated.
He warned that recent central bank interest rate rises were causing a banking sector confidence crisis.
“Things will stay very complicated—everything that was there a month ago will not go away,” Rickenbacher warned.
“Interest rate policy errors at the top are still possible. Everyone’s senses are heightened.”
