Swiss private banking institution Julius Baer has launched a hunt for a new chief financial officer, completing a sweeping transformation of its executive leadership following substantial losses from high-risk lending practices.
The financial institution verified the executive search through an official statement after the news broke. Chief Financial Officer Evie Kostakis will depart her position to take on another international executive role following a structured handover process anticipated for the latter half of the year, according to the bank. Kostakis declined to respond to requests for comment.
Kostakis assumed the CFO position in 2022, becoming the most senior remaining member of a leadership team that has experienced dramatic turnover during the past two years as the Swiss institution began disclosing a series of devastating losses and asset writedowns.
According to insider information, the search for a replacement CFO has been underway for multiple weeks.
Julius Baer’s annual financial reports for 2022 and 2023 indicated that the CFO held responsibility for supervising credit risk management during what ultimately became a turbulent period for the institution.
Difficulties started surfacing in late 2023 when Julius Baer became entangled in the aftermath of Austrian real estate mogul Rene Benko’s Signa empire collapse, resulting in the bank recording loan losses totaling 586 million Swiss francs ($742 million) in early 2024.
The bank remains subject to an enforcement review by Swiss financial market supervisor FINMA regarding the Signa losses, which prevents it from declaring new share repurchase programs.
When announcing those writedowns, the institution dismissed CEO Philipp Rickenbacher, bringing in external candidate Stefan Bollinger, a former Goldman Sachs executive who assumed control in January 2025.
Long-serving chairman Romeo Lacher became the next executive to exit, with his departure announced shortly after Bollinger’s arrival. Former HSBC chief Noel Quinn was named as the new chairman.
Subsequently, in May 2025, the bank announced that chief risk officer Oliver Bartholet would retire as it disclosed a 130 million franc credit charge following a comprehensive review of its lending portfolio.
In November, the institution reported additional losses of 149 million francs, marking down loan positions within its property portfolio that it stated were no longer aligned with corporate strategy.
