Julius Baer wants to become a billion dollar bank

Frankfurt The exit from Credit Suisse has made Julius Baer the second largest bank in Switzerland. CEO Philipp Rickenbacher wants to attract Credit Suisse customers to his private bank and double the assets under management to $1 trillion by 2030. “We are in growth mode and such ambitions are realistic,” said Rickenbacher in an interview with the Handelsblatt.

Julius Baer also saw inflows of funds after bank clients dumped their trust in Credit Suisse in March and drained their accounts, albeit at a lower rate than the market expected.

According to Rickenbacher, many wealthy clients think twice before choosing a new asset manager. But he is convinced: “In the long term, there will be a redistribution of market shares.”