Julius Baer Hits Reboot to Escape Swiss Banking’s New Malaise

A year after Credit Suisse’s demise—precipitated by a reckless approach to risk that spurred clients to pull out tens of billions of dollars over just a few months—Swiss financial authorities are confronting another problem bank. The litany of concerns uncovered by the Benko debacle is long, but the gist is that Baer simply allowed the pursuit of profit to outweigh prudence. And while no one is predicting the bank will follow Credit Suisse into the financial graveyard, there are echoes of the missteps that brought that giant down.