This morning, one of Switzerland’s largest banks, Julius Baer, announced that its CEO Alex Widmer died unexpectedly at the age of 52.
Though there’s nothing official, reports out of Europe suggest it was a suicide:
DailyMail: It has been reported that close friends of Mr Widmer’s family said he committed suicide, though Swiss police will not confirm this.
Julius Baer dates back to the 19th century and manages more than 360billion Swiss franch in assets for wealthy individuals and institutions.
Shares in Julius Baer have lost some 60 per cent this year as markets have worried about outflows at its hedge fund GAM.
However a spokesman for the bank said there was no link between Mr Widmer’s death and the group’s current activities, but declined to give further details on the cause of death on Wednesday night.
A source said employees at the bank had been told Widmer had died from an unspecified illness.
In addition to the bank’s own losses — which don’t seem out of the ordinary compared to its peers — Michael Thomas notes that Widmer had been at the centre of a legal fight regarding client tax evasion schemes.