Bank Julius Baer’s name has cropped up in several scandals involving the financial market. The new CEO at the Swiss-based bank, a former risk manager, has now spoken about the problems.
Involvement in the Fifa and Venezuela affairs and the suspected arms deal with Moscow heads: the reputation of Bank Julius Baer has been tarnished in recent months, and the Swiss markets regulator Finma has also been looking into the allegations about potential wrongdoing.
This is doubly unpleasant for Bernhard Hodler since he served for years as head of Julius Baer’s risk department before taking over as CEO after the abrupt departure of Boris Collardi. Hodler in particular was responsible for any shortcoming in the bank’s compliance.
A Top-Down Organization
Hodler set out his position in an interview with the German «Handelsblatt» (behind paywall). «Risk management is a task for the entire company, not only the compliance department,» said the new Baer CEO. «It starts at the top.»
This could be seen as a reference to former head Collardi, who reportedly favored a hands-on approach. Decisions of a certain importance had to pass test at the bank's top manager, according to insiders.
Still No Asset Management
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