This year saw countless prominent and surprising exits by private bankers, including several linked to the burgeoning 1MDB scandal. Here are the ten most spectacular departures of 2016.


Eduardo Leemann: Restless Retirement

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The long-standing Chief Executive of Private Bank had planned his departure years ago: he had lain the groundwork for his deputy, Tobias Unger, to succeed him, allowing the 60-year-old private banking  veteran to move on to other pursuits. It wasn't to be.

Unger defected abruptly to banking software house Avaloq earlier this year, before authorities struck over the scandal-engulfed 1MDB fund by shutting Zurich-based Falcon's operations in Singapore. In September, the bank's board surprised private banking industry observers by installing Credit Suisse former private banking chief Walter Berchtold as CEO.

Switzerland's Finma is looking into the role of two former Falcon executives; the regulator isn't commenting on whether Leemann is one of them.

Rajiv Jain: Long-Distance Breakup

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Fund manager Rajiv Jain was long Bank Vontobel's lucky charm: his New York-based asset management boutique ranked in considerable revenue and sweetened profits. However, his prominence also caused friction within the wider bank, not least because Jain apparently felt he was undercompensated for his role.

After 22 years together, Vontobel and Jain split last spring, pressuring the bank's shares considerably. Jain is back in business with GQG, an investment fund doing what he does best: emerging market investments. Vontobel's share price has also recovered.

Oliver Bussmann: Great White Temporary Hope

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Apostle, guru, great white hope – Oliver Bussmann is the expert fintech observers looked to in 2016 to explain the significance of Blockchain and digitization in finance. His hire in 2013 was a coup for UBS, which poached him from software giant SAP. Bussmann served as an informal but hugely influential ambassador for the Swiss bank's digitization strategy, and his prominent presence on social media was priceless for UBS.

 Bussmann's renown wasn't taken with the same enthusiasm within UBS as outside: he fell victim to a reorganization in March, after which he bid goodbye to the corporate world, opened his own advisory firm, and has occasionally written for finews.asia.

Marco Bizzozero: Exit for a Better Job?

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His departure was one of the highest-profile private banking exits in 2016: Deutsche Bank’s head of Switzerland and wealth management in Europe, the Middle East and Africa left the German bank after 12 years. Marco Bizzozero’s exit was a major setback for troubled Deutsche, and came alongside several other heavyweight exits including that of Asia head Ravi Raju, who left for UBS in Singapore. Bizzozero almost certainly has a cooling-off period of several months if he elects to join a direct competitor after he leaves Deutsche in January. He has kept his cards close to his chest on his next moves, but given his experience, finews.asia wouldn’t be surprised to see him on the list of 2017’s climbers.

Pamela Thomas-Graham: French Fries for Billionaires

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One of the few high-profile women in Swiss banking and the only African-American in a leadership role, Pamela Thomas-Graham is also one of the few executives to seek an entirely new career after leaving Credit Suisse in July. Two months later, Thomas-Graham surfaced with luxury blog «Dandelion Chandelier», which she calls «a foray into fashion, beauty, travel, automotive, gadgets and private banking».

The blog is a smartly-written, meaty read with advice on everything from billionaire art fairs to celebrating a luxurious Kwanzaa (take in the slave fortresses in Ghana, staying at one of Accra’s beachside luxury hotels) to why McDonalds’ french fries are the rich’s secret indulgence. Thomas-Graham’s background is in luxury, fashion, banking and media – undoubtedly a valuable intersection for whatever career path she chooses to pursue next.