Julius Baer has appointed Evie Kostakis as its new chief financial officer, tapping a veteran of Standard Chartered and Deutsche Bank for the role. The Swiss wealth manager announced the appointment on Tuesday, stating that Kostakis will succeed Nic Dreckmann, who has held the position since 2019.
Kostakis brings extensive banking experience
Kostakis most recently served as group chief financial officer at Standard Chartered, a role she held from 2021 to 2023. Prior to that, she spent over a decade at Deutsche Bank, where she held various senior finance positions, including group treasurer and head of investor relations. Her career also includes stints at Morgan Stanley and UBS.
According to Julius Baer, Kostakis will join the bank in the second half of 2025, subject to regulatory approval. She will also become a member of the group executive board. Dreckmann will remain with the bank until the handover is complete to ensure a smooth transition.
Strategic move amid restructuring
The appointment comes as Julius Baer undergoes a strategic overhaul following a challenging period. The bank reported a 12% decline in net profit in 2023, partly due to provisions related to a loan exposure to Signa, the Austrian property group. The bank has been working to strengthen its risk management and governance frameworks.
In a statement, Julius Baer CEO Philipp Rickenbacher said: “Evie’s deep financial expertise and extensive experience in international banking make her an excellent fit for Julius Baer as we continue to execute our strategic agenda. We are delighted to welcome her to the team.”
Transition timeline and regulatory approvals
Kostakis’s start date is expected in the second half of 2025, pending clearance from financial regulators. The bank did not specify which authorities would need to approve the appointment, but Swiss regulator FINMA is likely to be involved, given Julius Baer’s headquarters in Zurich.
Dreckmann, who has been CFO for six years, will assist with the transition. Under his leadership, the bank navigated the COVID-19 pandemic and implemented cost-saving measures. His departure marks another change in Julius Baer’s top management, following the appointment of a new head of wealth management in 2024.
Market reaction and outlook
Shares in Julius Baer traded slightly higher on the day of the announcement, reflecting investor confidence in the leadership change. The bank’s stock has risen about 8% over the past year, outperforming some peers in the Swiss banking sector.
Analysts at Vontobel noted that Kostakis’s experience at Standard Chartered, particularly in managing complex financial operations, could help Julius Baer improve its financial discipline. “Her track record in treasury and investor relations will be valuable as the bank seeks to restore profitability and investor trust,” they wrote in a note.
