Julius Baer suffered IT crash last week

By Noele Illien

ZURICH (Reuters) – Julius Baer suffered an outage that prevented customers and bankers from accessing its systems on Feb. 16, but quickly restored full service, the Swiss bank said on Friday in response to a report by Bloomberg.

“Julius Baer confirms a temporary outage of IT systems on late Friday afternoon on Feb. 16 due to a technical connectivity issue,” the bank said on Friday.

“Within a short time, all systems were restored,” the bank added.

The lender’s shares were down 1.6% on Friday after news of the outage.

The outage comes at a difficult time for the bank, which is in the middle of a management reshuffle and this month announced losses over its exposure to collapsed property group Signa.

Julius Baer suffered IT crash last week
FILE PHOTO: A logo is pictured on the branch of Swiss private bank Julius Baer, after the disclosure of an exposure with the property and retail giant Signa, in Lausanne, Switzerland, November 29, 2023. REUTERS/Denis Balibouse/File Photo