Julius Baer Group (BAER.S): Announces new CFO

Research evidence excerpt

Julius Baer Group (BAER.S): Announces new CFO

Equity Research

3 July 2026 | 7:04AM BST

Julius Baer today (3rd July) announced the appointment of Peter Burrill as Chief Benjamin Caven-Roberts

+44(20)7552-7066 | benjamin.d.caven-

Financial Officer (CFO) and a member of its Executive Board, effective 17th August roberts@gs.com

Goldman Sachs International

2026 (subject to final regulatory approval).

Chris Hallam

+44(20)7552-2958 |

Prior to this, Peter Burrill was interim Group CFO and member of the Group chris.hallam@gs.com

Management Team at Standard Chartered. He previously served as Group Head,

Sofie PeterzensCentral Finance and Deputy CFO at Standard Chartered, and was Group Controller +44(20)7051-5283 |

and Co-Head of Group Finance at Deutsche Bank beforehand. Peter will succeed Evie sofie.peterzens@gs.comGoldman Sachs International

Kostakis who is stepping down as CFO of Julius Baer (announced in April 2026) and Andin Kour Sason

will leave the Group following an orderly transition. +1(332)245-7825Goldman Sachs India| andin.kour@gs.comSPL

Sachin Nayar

+44(20)7051-2598 |

Valuation and Key Risks sachin.x.nayar@gs.com

We value Julius Baer on a P/E methodology applied 25%/75% to our 2027/28

Khushboo Mandaniestimates, using a 12.5x multiple to arrive at a 12-month price target of SFr78.00. +1(332)245-7978 |

We are Buy-rated. Key downside risks to our view and price target include: 1) khushboo.mandani@gs.comGoldman Sachs India SPL

slower-than-expected improvement in costs, and any meaningful deterioration in Eraldo Bausano

recurring fee margins; 2) any material weakening in CHF/USD exchange rates, or +44(20)7774-9801eraldo.bausano@gs.com|

global bond/equity market levels; 3) weaker-than-expected net new money; and 4) Goldman Sachs International

returns-dilutive M&A.