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Unlike Other Banks, Julius Baer Not Hurting After Switzerland Cancels Franc Cap

Julius Baer BANK

 

While other banks are bleeding millions, Julius Baer Group said it sustained no losses in the days following the Swiss Central Bank’s sudden decision to cancel its franc cap, according to Bloomberg. The bank was able to “manage successfully the enormous volatility and volumes, ” while Citigroup, Barclays and Deutsche Bank lost a combined $400 million over the decision to abolish the 3 year old ceiling to prevent the franc from rising above 1.20 versus the euro. Swiss banks, such as UBS and Credit Suisse took some pain because its revenue is in foreign currencies but its costs are in Swiss Francs.

Former Prime Minister Ehud Barak has had a new life in finance after serving as minister defense following his stint as Israel’s Prime Minister. He has been working for the Julius Baer Group, which has an exclusive clientele of heirs, entrepreneurs, politicians and celebrities. The bank was started by the Baer family who were targeted as Jews in Europe and escaped the Holocaust to settle in America. The Baer family has been helping Jews in their lawsuits against Swiss banks who hid assets stolen from Jews by the Nazis. The Baer family also is the leader of Keren Hayesod Switzerland and has donated millions to Jewish causes. Ehud Barak serves as special adviser to the management of the bank and its global CEO, Boris Collardi, in geopolitical issues and economics.

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