The bank has disclosed the total award paid to the chief executive who came on board more than a year ago in the wake of a large credit-related hit. When base salary and other awards – paid out over several years – the total comes to SFr23.96 million. Stefan Bollinger was praised for his actions to restore underlying profitability.

Julius Baer, which was hit in 2023 by more than SFr606 million ($769 million) in credit losses, said that Stefan Bollinger (main picture), the CEO who replaced the predecessor, had been awarded a total remuneration package of SFr23.96 million ($30.38 million) after his first full year in charge.

Bollinger, who left Goldman Sachs to take up the role at the Zurich-listed bank, had a base salary of SFr1.524 million. Bollinger is paid SFr8.271 million for 2025; his total compensation when all elements are taken into account is SFr23.958 million (including social security). Much of the amount awarded applies over a period of years, a spokesperson for the bank pointed out to this news service when asked about the details. 

The package contains almost SFr15 million in replacement payments for benefits that Bollinger forfeited when he left Goldman Sachs, as well as social security, pensions and other items.

Bollinger took the helm at a time when the bank was battling to restore its fortunes – happening also at a fraught time for Switzerland’s banking sector amidst the UBS emergency takeover of Credit Suisse in March 2023. At the start of February 2024, Philipp Rickenbacher resigned on the same day the bank disclosed the credit-related blow.   

Shares in Julius Baer were down 9.1 per cent from the start of 2026 at the close of trade yesterday – some other major banks have also lost ground as equities were hit by worries about the Iran war, partly reversing some of the stellar gains made in 2025 when bank stocks generally had a strong year. (UBS is down 22.6 per cent and Deutsche Bank is down 22.7 per cent.) Over the five-year period to yesterday’s close, Julius Baer has fallen by 1.63 per cent.

In 2025, the bank reported, under IFRS accounting standards, a net profit of SFr736.8 million, falling from SFr1.02 billion. In the annual report, Evangelia Kostakis, CFO, said the year-on-year fall was affected by the non-recurring release of tax provisions in 2024, the SFr99 million net impact from the completion of the sale of the domestic Brazilian business – Julius Baer Brazil – in March 2025, and net credit losses of SFr213 million booked during 2025.

Applause

The nomination and compensation committee (NCC) of the bank applauded Bollinger’s performance. “He provided decisive leadership during a pivotal year of transformation, successfully steering the group through complex challenges while laying the strategic foundation for sustainable growth,” it said. “Mr Bollinger acted swiftly to reinforce the group’s risk and compliance framework, significantly strengthening governance and accountability across units. His transparent cooperation with our regulator, FINMA, and focus on resolving legacy issues (including the credit book review) established a clear risk culture from the outset.”

That comment refers to Julius Baer currently being under a formal enforcement proceeding by FINMA, the regulator, concerning risk management failures under its previous management regime. Julius Baer cannot repurchase shares to return capital to investors until the matter is concluded. In February last year, Julius Baer's shares were hit on reports that FINMA had opened an enforcement procedure against the bank. Such a process is a formal step that can lead to a reprimand, confiscation of profits or a removal of banking licences. FINMA is unable to fine banks. Bloomberg (3 February 2025) reported that the regulator said it acted after “lengthy and rigorous investigations.”

In February 2025, Bollinger cut the executive board from 12 to five – an example of his move to slim down the bank.