Julius Bär Gruppe AG is seeking to replace Bernhard Hodler as its CEO only a little over a year after his appointment, people familiar with the matter told Bloomberg News.

Romeo Lacher, the Swiss private bank's incoming chairman, is said to have held talks with several internal and external candidates, according to the March 14 report, adding that the bank is also looking to bolster its executive board.

Hodler, previously its chief risk officer, became CEO in late November 2017 after Boris Collardi left for rival Pictet & Cie Group SCA.

The search comes as Julius Bär faces a business slump and declining assets following a decade of rapid expansion, Bloomberg noted. The company's share price reportedly fell significantly last year, as it lost a team of Middle East advisers who transferred to Pictet along with Collardi.