The abrupt exits of Vivien Jain from Aquila Group and Sonia Gössi from Julius Bär after short tenures spotlight challenges for women in Swiss corporate leadership. While some firms like ZKB showcase successful female executives, there are signs of pushback against forced gender quotas. The situation at LGT Schweiz with controversial hire Anke Bridge further fuels debate. Analysts suggest companies may be shifting from diversity-focused hiring to performance-based decisions, as seen in recent dismissals of once-‘untouchable’ female leaders.
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Trump’s Tariffs Trigger Swiss Bank Crisis
Swiss banks like UBS and Julius Bär are reeling from the impact of Trump’s tariffs, with their heavy reliance on US markets and dollar-denominated assets proving disastrous. As US stocks drop by 20% and the dollar weakens, fee income for wealth management services is collapsing. With personnel costs making up 70% of expenses, massive job cuts appear inevitable. The situation is exacerbated by Trump’s deliberate efforts to weaken the dollar to counter trade imbalances. This perfect storm of falling markets and currency devaluation threatens Zurich’s standing as a financial hub, with banks forced to implement drastic cost-cutting measures to survive the crisis.
read moreZurich Wealth-Tech Firm Everon Expands Advisory Board with Fintech Veteran
Everon, a Zurich-based Wealth-Tech company, has expanded its advisory board by appointing Thomas von Hohenhau, a seasoned manager with extensive experience in Fintech and banking. With over 15 years of experience in the industry, including roles at VP Bank and Julius Bär, von Hohenhau will provide strategic and technical support to Everon’s growth strategy. The company, established in 2019 and backed by investors such as TX Ventures and QBIT Capital, offers partner platforms and As-a-Service solutions in wealth management, holding a license from Finma since approximately a year.
read moreChallenges Facing VP Bank and Leadership Transition Amid Financial Struggles
Paul Arni has held several high-level positions in the banking industry, with his most recent role as the CEO of VP Bank. However, the bank has faced challenges, particularly in its cost-to-income ratio and its ability to attract new clients. There are speculations about potential leadership changes and even the possibility of the bank being sold in the future.
read moreBanking Executives’ Compensation and Stock Holdings at Swiss Financial Institutions
The recent developments at Julius Bär, a Swiss private bank, have seen the departure of its CEO, Philipp Rickenbacher, without a bonus for the last year but still receiving substantial compensation. The bank’s decision to withhold the bonus was announced in early February, despite acknowledging Rickenbacher’s efforts in driving the bank’s strategic programs forward. Additionally, the interim CEO, Nic Dreckmann, received a significant compensation package, including equity-based units and a fixed salary, making it evident that top executives at Julius Bär are well compensated despite the bank’s challenges.
read moreGlobal Wealth Report: Turkey and USA Lead Growth, Switzerland Dominates Europe
The annual Wealth Report by Knight Frank reveals a global resurgence in wealth creation, with significant growth in the number of ultra-high-net-worth individuals (UHNWIs) in countries like Turkey and the USA. Switzerland leads in Europe with a 5.2% growth, while Swiss private banks, including UBS, are actively targeting the booming Turkish market despite compliance challenges. Headhunters report a noticeable increase in interest from small and medium-sized private banks in this lucrative sector.
read moreLGT Private Banking Expands in Germany with Digitalization Strategy
LGT Group, a financial institution based in Liechtenstein, is focusing on expansion in Frankfurt and Munich, with a global digitalization strategy and a growing team dedicated to digital innovation. The company’s CEO, Olivier de Perregaux, emphasizes the importance of expertise in artificial intelligence and continuous growth. The group has experienced a rise in personnel expenses due to expansion and the acquisition of teams from Credit Suisse, contributing to a relatively high cost/income ratio. LGT’s acquisition strategy is driven by market entry and the pursuit of critical mass in key locations.
read moreJulius Bär Appoints New Head for Southeast Asia Business Expansion
Julius Bär appoints Malcolm Tay as the new head for its Southeast Asia business, aiming to accelerate expansion in the region. With over 30 years of wealth management experience, Tay will operate from Singapore and report to Yee Chin Lit, the Southeast Asia market leader. The bank is focused on enhancing its services for high-net-worth clients in Indonesia and Southeast Asia, marking a significant growth phase for its Asian operations.
read moreSwiss Banking 2023: Salary Trends and Financial Performance Overview
The Swiss banking industry experienced an exceptional year in 2023, marked by the impact of interest rate changes and the downfall of Credit Suisse. Varied performance across banking segments was observed, with retail banking benefiting from higher interest rates while private banking and asset management faced challenges. Major shifts in personnel costs and executive compensation were influenced by significant events such as the acquisition of Credit Suisse and the Signa debacle. Overall, the industry saw fluctuations in profits, cost-saving measures, and adjustments to bonus structures in response to the exceptional circumstances of 2023.
read moreSwiss Private Bank Attracts Clients Amid Geopolitical Uncertainty
The Swiss private bank Bonhôte has seen growth in commission revenues and benefited from the recent interest rate changes, attracting both domestic and international clients seeking stability amid geopolitical uncertainties. The bank has also capitalized on the exodus of personnel from larger institutions, emphasizing its commitment to providing a secure and stable work environment. Additionally, French clients are rediscovering Swiss banking, moving assets from their home country due to concerns about government stability and seeking the personalized service offered by Swiss banks.
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