Julius Baer has nominated former HSBC CEO Noel Quinn as the next chairman to guide the scandal-affected Swiss bank and wealth manager towards stability. Shareholders will vote on Quinn's appointment at the annual general meeting on April 10. Quinn expressed his enthusiasm, stating, "It is a real privilege to be nominated to take on the chair role of the largest pure play wealth manager and one with such a great heritage."
Quinn is set to assume his position on May 1 and will collaborate closely with Julius Baer's newly appointed CEO Stefan Bollinger. His appointment follows the bank's efforts to address issues related to its involvement with the collapsed property group Signa.
Julius Baer intends to implement cost-cutting measures and provide a strategy update in June. Recent disclosures revealed that the Swiss financial market regulator FINMA initiated enforcement proceedings against the bank due to losses amounting to 586 million Swiss francs ($648 million) from loans to Signa. Quinn's appointment is anticipated to provide stability and support in managing the bank's relationship with FINMA.
Quinn's selection aligns with Julius Baer's aspirations for expansion in Asia and globally. A spokesperson for Julius Baer declined to provide further comments on the matter.
Quinn announced his departure from HSBC in April. During his tenure, he oversaw various asset sales, navigated through the challenges posed by the global pandemic, and addressed activist investor pressures for the bank's restructuring. Looking ahead, Quinn expressed his eagerness to leverage his extensive experience in the financial sector, stating, "I am looking forward to working with the board and management team to capitalize on the many exciting opportunities ahead of us."
Vice Chairman Richard Campbell-Breeden will serve as the interim chair until April 30, as stated by Julius Baer.