Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
20th March 2012
Dan Sauter nominated as Julius Bär chairman
Raymond Bär, Julius Bär chairman, is not to stand for re-election to the board at the AGM next month. The board has nominated Daniel Sauter to be the next non-executive chairman. Raymond Bär is to become honorary chairman.
Raymond Bär said: “After a quarter of a century with Julius Bär time has come to open a new chapter in my life and to therefore re-balance my relationship with the Group. Given Julius Bär’s strong brand and position in the marketplace, I felt the right moment had come to hand over the Chairmanship. The metamorphosis to turn our company from family business into a public company in all aspects is concluded. Despite the rapid development, however, Julius Bär has remained small enough to care, but big enough to matter, and retains a deeply entrenched family culture and origins which led to the success of our Bank. The role of Honorary Chairman will allow me to maintain my relationship with Julius Bär and to support the Group and the financial industry in establishing the prerequisites for a successful future.”
Sauter has been a member of the board since 2007. After an early career in Swiss banking he moved to Glencore rising to become CFO. He then moved to become CEO at Xstrata.
Some media are suggesting the US tax probe prompted the unexpected resignation. Yet it was also announced that as honorary chairman one of Raymond Bär's duties that he is to continue with is ". . to support the Bank in finding constructive solutions for the past chapters affecting Julius Baer and the banking industry at large. In this respect, he has been elected to chair the Special Committee overseeing the ongoing cooperation with US authorities".