Julius Baer disclosed that Stefan Bollinger, the Chief executive of Julius Baer received a total compensation amounting to CHF 23,96 million (30.3 million dollars) by 2025.
Bollinger was appointed to the Swiss Private Bank in January of this year. Nearly CHF 15 millions ($18million) is made up by replacement pay for what he lost when he left Goldman Sachs.
The bulk of this package is a cost of recruitment, not a pay based on a performance year at the Zurich-based Bank.
An expensive hire during a year of turnaround
Bollinger joined Goldman Sachs as a consultant in July 2024. He became the CEO of Julius Baer on January 20, 2025.
The Swiss bank had spent the majority of last year in dealing with the aftermath of its expensive exposure to Rene Benko’s Signa Group.
Analysts said Bollinger’s appointment was a sign of prioritizing stability and operational credibilty after the Signa crises.
There were concerns about the lack of his experience in running a listed large company, and also his limited exposure to Asia as a growth market.
When Julius Baer announced its full year 2025 results, in February of this year, it described the year as “a successful transition year.”
The assets under management increased by 5%, reaching a new record of CHF 521 Billion. This was aided by CHF 14,4 Billion in net money generated during the past year.
The cost-income ratio increased to 67.6%, and the underlying profit rose by 17%.
The reported net profit, however, fell by 25%, to CHF 764 millions, due mainly to special charges, and CHF 213, million of net credit losses recorded in 2025.
It is crucial to note the contrast. Bollinger’s compensation package comes at a time when Julius Baer wants to show investors the company is more disciplined.
The strategy is supported by analysts, but its optics is awkward
Analysts have generally backed Bollinger’s appointment, and Julius Baer’s strategic reset with this change.
Citi analysts said that Bollinger’s targets for Julius Baer were based on a “fairly conservative assumption.”
The net inflows of new money for 2025 by Julius Baer were in general in line with the forecasts made by Zurcher Kantonalbank.
The bank has met or exceeded expectations in terms of its operating performance.
Even so, optics are important as executive pay remains a controversial topic in Switzerland.
UBS’s compensation package for CEO Sergio Ermotti in 2025 remained unchanged at CHF 14,9 million, despite the ongoing scrutiny of banker salaries. Bollinger’s CHF 23,96 million is a significant increase.
The compensation structure will be a key test at the upcoming Julius Baer annual general meeting.
Bollinger is under immediate pressure to implement his turnaround plan, as shareholders are asked to accept an expensive one-time hiring fee at the same moment the bank cuts 5% from its staff.
The post Julius Baer pays its CEO an 18-million dollar salary he didn’t earn may be updated as new information becomes available.
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