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Philipp Rickenbacher also told the Financial Times he was seeing
a "movement of clients to quality" in Switzerland as wealthy
account holders pulled back from UBS and Credit Suisse, whose
business models include riskier investment banking activities.
The takeover, engineered by Swiss authorities last month, would
be difficult, he told the newspaper. "An integration of that
order of magnitude in Switzerland is going to take a lot of
resources and effort, and a lot of complexity."
Julius Baer is Switzerland's largest private bank. It works on
behalf of wealthy individuals and does not speculate with its
own capital or run its own in-house asset management business.
"Our model . . . has worked very well for us," Rickenbacher
said.
"We have hiring opportunities in Latin America, we have hiring
opportunities in Asia ...and ... in Europe and in Switzerland,"
he said.
He raised concerns about an ongoing crisis of confidence in the
banking sector overall, highlighting recent interest rate hikes
by central banks and the stresses they were creating.
"Things will remain very complicated — everything that was there
a month ago will not go away," Rickenbacher said.
"There's still some room for policy mistakes at the highest
levels when it comes to interest rates . . . Everyone’s senses
are sharpened right now."
(Reporting by John Revill; editing by John Stonestreet)
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