Defaulting banks - where will it stop?

[Magda Hassan]

Not sure if this is relevant yet or not but may be very interesting to follow.


Also lots of very interesting information here about the Julius Baer Bank's Cayman Island black cash stash away and stolen account details here:
http://wikileaks.org/wiki/Bank_Julius_Baer
http://wikileaks.org/wiki/Category:Bank_Julius_Baer


Baer's Widmer Passes Away

Vidya Ram , 12.06.08, 06:00 AM EST Popular private bank head dies at 52, possibly a suicide.


Swiss wealth manager Julius Baer said that Alex Widmer, the popular 52-year-old chief executive of its private banking unit, died unexpectedly on Wednesday amid an expansion campaign that took advantage of the weakness of larger rivals.
Market reaction signaled just how important Widmer was to the recent growth of Baer's business. Shares of Julius Baer (other-otc: JBHGY - news - people ) fell 9.5% in Zurich on Friday, well below the sector average, after the bank released the news of his sudden death.


"We have lost a dear friend, a good colleague and a charismatic leader," said Raymond Baer, chairman of the bank.
The bank refused to comment on the cause of Widmer's passing -- leaving open the possibility of suicide -- but it did tell Forbes.com there was "no link between his death and the business of the bank." Swiss police also refused to specify the cause of death.
Widmer was well-regarded. One analyst described him as "charming" and a "workaholic," while another described him as the "architect" of the bank's strategy.
He joined Julius Baer from Credit Suisse (nyse: CS - news - people ) three years ago and brought with him experience in the private banking sector and a number successful client managers, especially in Asia, who had helped the bank grow its business. Widmer has spoken this year of hiring staff away from Credit Suisse and UBS, who are suffering from the global market turmoil.
Baer has also benefited from clients leaving UBS' wealth and asset management businesses, following its multibillion-dollar losses. (See "Swiss Banks Gain From UBS Pain.")
[URL="http://www.forbes.com/facesinthenews/2008/12/06/widner-julius-baer-markets-face-cx_vr_1203autofacescan01.html#comment"]
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The most recent business update from Julius Baer, released on Nov. 11, suggested it was coping as well as could be expected amid the current global downturn. The bank said that in the year to that date, net inflows in private banking were "significantly above last year's level," as it brought in up to 60 new private bankers to build its business.




Widmer, who favored expansion beyond Europe, had opened offices in Jakarta and Cairo.
For now at least, his position is being assumed by Hans de Gier, the chief executive of the parent Julius Baer group.
Reuters contributed to this article.
http://www.forbes.com/facesinthenews/200...can01.html