Breaking News: Julius Baer CEO to Step Down After Major Losses

In a shocking turn of events, Julius Baer CEO Philipp Rickenbacher has announced his resignation following the company’s report of significant losses. The losses are said to be related to the Swiss bank’s exposure to Austria’s Signa Group.

This news comes as a surprise to many, as Rickenbacher has only been in the CEO position for less than a year. He took over the role in September 2019, after serving as the bank’s head of intermediaries and global custody for several years.

The Swiss bank, which specializes in wealth management, reported a net loss of 524 million Swiss francs ($572 million) for the first half of 2020. This is a significant drop from the 490 million Swiss francs in profits reported during the same period last year.

The losses were primarily attributed to the bank’s exposure to the Signa Group, a privately held real estate and retail company based in Austria. Julius Baer had invested in Signa’s real estate projects, which have been hit hard by the economic downturn caused  

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