Julius Baer’s Russia Wealth Push Halts Before Key Hire Can Start

Julius Baer Group Ltd scored a coup in December when it poached a top Credit Suisse Group AG Russia banker as part of a push to attract more business from Eastern European billionaires.

By the time Dmitri Kushaev arrived in April, the prospects were looking quite different.

The bank has quietly shelved plans to build out more business with ultra wealthy Russians under Kushaev after the Ukraine invasion, according to people briefed on the matter. He’s now left managing Baer’s existing book of Russia-related clients and navigating the related sanctions, the people said, asking not to be identified because the ...