ZURICH (Reuters) -Julius Baer CEO Philipp Rickenbacher will leave the bank, the Swiss wealth manager said on Thursday, as it reported net credit losses of 586 million Swiss francs ($679 million) linked to its exposure to property and retail giant Signa Holding. The write off was significantly more than the 400 million Swiss franc Signa-related loss analysts and a Swiss newspaper had estimated the bank would post from its ties to Rene Benko's Signa, which recently declared insolvency. Julius Baer also said it would exit the private debt business and re-focus its lending activities on mortgage and lombard lending.
(Bloomberg) Julius Baer Group Ltd. said it would exit its private debt business after writing down all of its loans to the bankrupt Signa companies, and confirmed that Chief Executive Officer Philipp Rickenbacher is stepping down as a result of the scandal. Most Read from BloombergTrump Risks Losing More Than Half of Swing-State Voters If Found GuiltyMusk’s $55 Billion Pay Package Voided, Threatening World’s Biggest FortuneHouse Passes $78 Billion Business, Child Tax Break BillS&P 500 Has Its