Julius Baer has added another experience banker to its team in Germany. But the biggest problem persists.
Julius Baer Europe reports another recruitment success: the German unit of the Zurich-based private bank hired Markus Merk as relationship manager for northern Germany, the company said in a statement on Tuesday.
Merk started his banking career some two decades ago and most recently worked as a deputy head of private banking at Bankhaus Hallbaum. At Julius Baer, where he started working at the beginning of the year, Merk focuses on rich private clients.
Profitability Issues
The employment drive at Julius Baer in Germany is continuing unabatedly. The bank for the same region in Germany had hired Alexander Schmidt and Andreas Wagner last year. In January, it poached an entire team for the Munich office as well as Rico Fritzsche and Torsten Klein for Frankfurt.
Also in January of 2018, the company hired former UBS bankers Irene Mueller and Sabine Maus.
Still, and despite the hiring spree, Julius Baer is struggling to become more profitable in the country. In 2016, the company in Germany had a loss of 8.7 million euros. The figures for 2017 are currently being evaluated and it is yet to be seen whether the unit managed to turn the tide.
