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Julius Baer cuts 2023 executive bonuses after Signa losses

Reuters
·1-min read
A logo is pictured on the branch of the Swiss private bank Julius Baer in Lausanne

ZURICH (Reuters) - Julius Baer cut 2023 bonus payments to its now departed chief executive and other senior managers in the wake of hefty losses the Swiss bank reported from its exposure to collapsed property group Signa.

Total compensation for Philipp Rickenbacher, who stepped down as CEO last month, fell to 1.7 million Swiss francs from 6 million the previous year, the bank said in a report.

"The Board of Directors and the Executive Board have jointly decided that the CEO and the five members of the Executive Board directly involved in credit decisions will not receive any variable compensation for 2023," Baer said.

Total compensation for the 10 members of the bank's executive board was reduced to 13 million francs from 35.5 million a year earlier, according to the bank.

The bank said in February it had suffered losses of 586 million francs on loans to Signa.

(Reporting by Oliver Hirt, Editing by Rachel More)