Vontobel is currently experiencing a significant restructuring phase, which has led to the resignation of Co-CEOs Georg Schubiger and Christel Rendu. This transition is accompanied by substantial layoffs, highlighting the bank’s shift in priorities as it navigates internal challenges.

In light of these changes, the bank has made the decision to cancel its centennial celebration. Responsibilities that were once held by the two executives will now be taken over by their subordinates, who are also facing job losses. This situation raises concerns, especially as the executives reportedly earn millions while their teams are being downsized.

• Schubiger, believed to be the largest shareholder in Vontobel, recently sold 4.4 million shares.
• This action reflects a growing disconnect between upper management and the workforce.
• The bank’s organizational structure, featuring a full-time chairman and dual CEOs, has faced criticism for being financially burdensome.
• This is particularly concerning as many employees are losing their jobs.

This scenario contrasts sharply with the more streamlined leadership model at major banks like JPMorgan, where a single CEO oversees operations and strategy.

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