Julius Baer is promoting a top German banker back to headquarters in a bigger role. The move follows the Swiss bank's poaching of a top Citigroup banker.
The Zurich-based private bank is promoting Ursula Egli to risk chief for Switzerland and wider Europe, the Middle East, and Africa, effective immediately, it said in an emailed statement on Monday. Egli will be replaced in her current job in Julius Baer's top management in Germany by Citigroup banker Thomas Falk.
The move transfers Egli, a 20-year veteran of the bank, back to Zurich from Frankfurt, where she has been operating chief of its German hub since 2015. It also makes her one of the few top executives in Julius Baer's upper ranks (Latin America boss Beatriz Sanchez is the only woman in top management).
German Veteran
Falk, who becomes operating, financial, and risk chief for Julius Baer in Frankfurt, effective immediately, was previously risk chief for Citi's markets arm in Frankfurt. A former KPMG consultant, Falk is a veteran of German banking: before Citi, he was with J.P. Morgan, as head of its institutional fund controlling as well as risk and control.
German boss Heiko Schlag has been recruiting heavily in the Swiss bank's German onshore push. «More than ever, banks have to emphasize strategic risk management and effective compliance, not just to fulfill regulatory obligations, but to ensure revenue strength and growth,» Schlag said in the statement.
