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ZURICH (Reuters) – Julius Baer is having “constructive discussions” with Credit score Suisse employees who wish to depart following their financial institution’s takeover by UBS, the Swiss non-public financial institution’s Chief Government mentioned in an interview on Monday.
Philipp Rickenbacher additionally advised the Monetary Instances he was seeing a “motion of purchasers to high quality” in Switzerland as rich account holders pulled again from UBS and Credit score Suisse, whose enterprise fashions embrace riskier funding banking actions.
The takeover, engineered by Swiss authorities final month, could be troublesome, he advised the newspaper. “An integration of that order of magnitude in Switzerland goes to take a variety of sources and energy, and a variety of complexity.”
Julius Baer is Switzerland’s largest non-public financial institution. It really works on behalf of rich people and doesn’t speculate with its personal capital or run its personal in-house asset administration enterprise.
“Our mannequin . . . has labored very nicely for us,” Rickenbacher mentioned.
“We’ve got hiring alternatives in Latin America, we have now hiring alternatives in Asia …and … in Europe and in Switzerland,” he mentioned.
He raised issues about an ongoing disaster of confidence within the banking sector total, highlighting latest rate of interest hikes by central banks and the stresses they had been creating.
“Issues will stay very difficult — all the pieces that was there a month in the past won’t go away,” Rickenbacher mentioned.
“There’s nonetheless some room for coverage errors on the highest ranges relating to rates of interest . . . Everybody’s senses are sharpened proper now.”
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