Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Julius Baer has named Goldman Sachs banker Stefan Bollinger as chief executive, an appointment that the Swiss wealth manager hopes will draw a line under a crisis triggered by its exposure to property group Signa.
The company has been without a chief executive since February, when a SFr606mn ($700mn) writedown of its exposure to collapsed property group Signa led to the departure of Philipp Rickenbacher.
Bollinger, a Swiss citizen, who is co-head of private wealth management for Europe, the Middle East and Africa at Goldman, will take over at Julius Baer by February next year.
Advertisement
Julius Baer chair Romeo Lacher said Bollinger’s experience “combines a comprehensive understanding of risk, products, and of how to deliver value to global wealth management clients through building scalable client-centric businesses”.
Several European private bank bosses had been linked with the role during the search process, which was led by headhunters Egon Zehnder.
At one point, the Julius Baer board considered bringing in EFG chief executive Giorgio Pradelli, which led to revived merger talks between the two Swiss banks, according to several people with knowledge of the discussions.
But talks broke down after it became apparent that Swiss regulator Finma would not approve the deal following Julius Baer’s Signa losses.
When Rickenbacher’s departure was announced, Lacher made it clear the new hire would come from outside the group. Rickenbacher’s deputy, Nic Dreckmann, has led the business on an interim basis since February.
Advertisement
Julius Baer is due to publish its half-year results on Thursday.
Bollinger has been at Goldman for 20 years and been a partner for 14, having previously worked at JPMorgan in London.
Since becoming co-head of private wealth management Emea in 2019, the business has doubled its assets.
“I look forward to working closely with the board, the management team, and all the people of Julius Baer to capitalise on its unique strengths,” he said.
new video loaded: The Sacred Catholic Site Where Trump Wants a Border Wall
The Trump administration is trying to seize the land around Mount Cristo Rey, a sacred site of Catholic pilgrimages, in order to build a border wall on it. The Times reporter Reis Thebault takes us up the mountain to see the 30-foot statue of Jesus at the top, and the border wall below.
By Reis Thebault, Christina Shaman, Jon Miller, June Kim and Melanie Bencosme
Kim was, in her words, “starving for that fatherly love.”
She became an intern for Baer and always looked forward to being held in his arms for extended periods of time. She eventually asked him if there was anything she could do to help ease the fear that she believed was still holding her back.
There was, Baer told her. At his direction, she took off her top and bra, Kim said, and he held her but didn’t touch her breasts or privates.
“It felt very parental, and it felt very special,” she said.
In hindsight, Kim said, she cherished the experience for another reason.
Advertisement
“I was getting this special attention from him,” she said. “I was pretty desperate for that in my life.”
She now sees it as classic grooming behavior.
It happened one other time, Kim said, and she eventually asked him if there was anything else she could do to experience a “bigger shift.”
Baer brought her to the pool house and instructed her to remove her clothes piece by piece, Kim said. He lay in bed with her, rubbed her back and held her breasts, according to Kim.
“There was no talking me into it — I just did it,” Kim said. “In hindsight, I realized I didn’t feel free to say no to any of it. I had the belief that if I did say no, he would write me off.”
Advertisement
When Kim got the call from her daughter Penelope, she said it jolted her out of what she now describes as a cult mindset.
She spoke to other women in the community and said she heard more stories involving naked holding.
One of those women was Inge Jechart. A mother of two with a doctorate in physics, Inge had been an active Real Love member since a friend recommended Baer around 2005.
Baer and Inge Jechart.Courtesy Inge Jechart
“At that time, I was lost and lonely,” she said, describing struggling under the weight of a faltering marriage and a strained relationship with her sons. “I learned how to become a better person and more loving and understanding.”
The first time Baer held her in his lap, Inge was overcome with emotion.
Advertisement
“I just cried,” Inge recalled. “It was such a relief to feel safe and loved. What else do we want in life?”
Following that experience, Inge said, she booked every retreat at his house that she could. And it was there, in 2017, that she said she twice got naked with Baer at his direction.
“We hold our own children when they’re naked to make them feel safe,” Inge said. “For me, that’s what we were doing.”
“And here’s the thing,” she added. “It made a huge difference for me.”
But Inge said Baer fondled her breasts the second time, and that didn’t feel right at all.
Advertisement
“I said, ‘Hey, as a 4-year-old, I wouldn’t have breasts,’” she recalled. “And he stopped.”
Inge said Baer told her he had done it with only one other woman before, and he added in a stern voice: “I don’t talk about this with anyone else.”
“I got the message,” Inge said. “Our community was important to me, and I didn’t want it to blow up, so I kept silent.”
But she said she never considered that he might be engaging in naked holding with younger, more impressionable women like Veena and Penelope.
Kim, Penelope’s mother, said the same.
Advertisement
“It had never crossed my mind that he would ever do this with my daughter,” Kim said. “I was completely blind to that possibility.”
The backlash
In February 2019, Kim sat down at her computer and began to type an email to Baer.
“Greg what you have done with my daughter…is wrong, hurtful, traumatic and goes against so many gospel principles,” read the email, which was reviewed by NBC News.
“Holding people without clothes on needs to stop, what you are doing is wrong,” it added. “Touching my daughter between her legs when she was naked was wrong — there is no justification for it.”
“I know of 4 women personally who have undressed completely with you, and I don’t know hardly anyone that you spend time with so I conjecture that there are many more,” Kim wrote near the end. “I beg of you…put a stop to this horribly damaging behavior.”
Advertisement
Baer was defiant in his response.
Kim’s daughter was “claiming events that never happened,” he wrote. “And she is supplying lots of details that never happened. And now she is sharing these details with as many people as she can find.”
Kim’s email wasn’t the only scathing message Baer received during this period.
“I am writing to perhaps appeal to your consciences and any integrity you may still have left,” wrote a woman from the U.K. in an email viewed by NBC News. “Shut Real Love down now before it’s too late.”
“Greg you have had sexual dealings with way more women than we initially thought,” the woman added. “That’s not including the naked holding.”
Advertisement
Baer replied with another strong denial.
“Nothing, absolutely nothing, like this is occurring, and people are healing all over the place,” he wrote to the British woman.
After receiving an email from NBC News, the woman declined to be interviewed, citing the lasting emotional toll.
“It’s honestly an incredibly traumatic part of my life, and one I don’t want to revisit,” she wrote. “It’s been 8 years and I haven’t moved on.”
The aftermath
Veena, Penelope and her mother said they all reached out to the police in Baer’s hometown of Rome but were told there was not enough evidence to pursue a sexual abuse case.
Advertisement
The Rome Police Department confirmed to NBC News that it conducted an investigation but said no charges were brought due to “insufficient probable cause.”
The women said they had also reported Baer to their local Mormon churches.
Veena at home in New York.Vanessa Leroy / NBC News
A spokesman for the Church of Jesus Christ of Latter-day Saints, widely known as the Mormon church, said it “initiated ecclesiastical proceedings involving this individual beginning in February 2020.”
The process could lead to a member’s excommunication, but the spokesman said he was not authorized to comment on the outcome of the proceedings.
Veena and Penelope filed lawsuits against Baer in Georgia’s Floyd County Superior Court in April 2019. They were settled five months later for $12,000 each. (The attorney who represented Baer, Robert Smalley, declined to comment.)
By then, Veena was adapting to life outside of Real Love. She had already separated from her husband and left the church. While raising her three children, she went back to college. A career in physics no longer interested her. She earned a degree in psychology from Columbia University.
Advertisement
“To help me understand what on earth just happened,” Veena said.
A few years ago, she decided to write what became a very different book than the one originally conceived about her experience in Real Love. She used pseudonyms for the group and for Baer himself, but the account, she said, was drawn from her recollections, emails and journal entries.
“The True Happiness Company” was published last year with the subtitle, “How a Girl Like Me Falls for a Cult Like That.”
Veena’s memoir, “The True Happiness Company,” which details her time with Real Love.Vanessa Leroy / NBC News
Veena hoped that it would help her process what happened and serve as a cautionary tale for others.
“The physical violation is not what unravels me,” she says in the book. “It’s the loss of life experience, the mental and emotional violation of having my young adulthood orchestrated by someone with undue influence over me. It’s the friendships that disintegrated. The career paths unexplored. The opinions he replaced with his own.”
“The changes feel almost imperceptible as they happen,” she added later in the book, “and then suddenly appear extreme in retrospect.”
Advertisement
If you or someone you know is in crisis, call or text 988 or go to 988lifeline.org to reach the 988 Suicide & Crisis Lifeline, or visit SpeakingOfSuicide.com/resources.
U.S. President Donald Trump pumps his fist after touring the inside of the newest aircraft in the presidential fleet at Andrews Air Force Base on June 19, 2026 at Joint Base Andrews, Maryland.
Alex Wong /Getty Images
hide caption
toggle caption
Advertisement
Alex Wong /Getty Images
The newest Air Force One jet, gifted to President Trump from the Qatari government, arrived ahead of schedule on Friday to Joint Base Andrews in Maryland.
On Friday afternoon, Trump toured the luxury Boeing 747 plane that initially stirred controversy. The plane was one of the biggest foreign gifts ever received by the U.S. government and raised legal and ethical questions after Qatar offered to replace the presidential jet last year. Trump said last May he’d be “stupid” not to accept the offer. Industry groups originally said the plane could be worth approximately $400 million.
Trump also spoke standing in front of the plane, thanking the Emir of Qatar.
Advertisement
The president praised the workmanship of the plane, describing it as the “world’s most luxurious plane.” He also called it the “largest Air Force One ever built,” adding “it flies further and faster than any Air Force One.”
“This plane was transformed into a flying White House at a level of luxury that nobody’s ever seen before, probably even almost outside of an airplane,” Trump said. “Nobody’s ever seen anything like this, and in only 10 months, a timeframe no one thought possible.”
The exterior of the jet is no longer light blue, silver, and white – a fixture since the Kennedy administration. Trump unveiled the new red, white and blue color scheme.
“It was time for a change. … Everything was designed good. It was my taste,” Trump said saying that he approved the new color scheme, which reflects the American flag.
The VC-25B Bridge aircraft will now undertake its commissioning flights, what the Air Force calls a “final exam” for the plane. The plane was modified after serving the Qatari Head of State.
Advertisement
“Once these flights are successfully completed, the aircraft is officially ‘commissioned’ into the active executive airlift fleet and becomes available for presidential missions,” an Air Force press release said.
The aircraft from Qatar will “serve as a bridge until the [long-term] VC-25B is delivered,” according to earlier communications from the Air Force. The plane was delivered well before expectations. The Air Force originally estimated the plane would be delivered in 2028 but said by modifying requirements it could deliver the first aircraft in 2027. The modifications “were carefully crafted to prioritize mission over aesthetics, leaving much of the previous head of state interior layout minimally changed,” the Air Force said.
Air Force Chief of Staff Gen. Ken Wilsbach praised the delivery.
“Many thought it could not be done, but the United States Air Force was able to execute and provide a secure, reliable airborne command post on an accelerated timeline,” he said.