Axel Hoffmans (pictured below) will replace Heiko Schlag as Chairman of the Board (CEO) in Germany, the Zurich-based traditional bank Julius Baer announced on Friday. Along with Hoffmans, Stefan Spieler will also be making a move.

Axel Hoffmanns, new CEO at Julius Baer Germany (Image: JB)

He is expected to use his expertise to focus on strategic business development in the future, as was further reported. Both previously worked at the British financial corporation HSBC in Germany. Hoffmans served as the head of all Germany; prior to that, he held various senior positions at Credit Suisse (Germany).

Record Profit Achieved Last Year

Heiko Schlag, former CEO of Julius Baer Germany (Image: JB)

Heiko Schlag, who has been a member of the board since 2011 and the chairman of the board at Bank Julius Baer Germany since 2012, decided some time ago not to extend his contract as chairman of the board from 2025, according to Julius Baer. Until then, Schlag will continue to serve as the bank's chairman.

Recently, Bank Julius Baer Germany announced that it achieved a record profit of a good 52.3 million euros in 2023. This represents a doubling of the result compared to the previous year.

Ten Locations in Germany

Julius Baer Germany, with locations in Frankfurt am Main (headquarters), Berlin, Düsseldorf, Hamburg, Hanover, Kiel, Mannheim, Munich, Stuttgart, and Würzburg, is a wholly owned subsidiary of the Julius Baer Group in Zurich, which is currently seeking a new CEO.