Falcon Private Bank is hiring a former member of Credit Suisse's top management. The banker is tasked with redesigning the scandal-tarnished Swiss private bank's products and services.
Zurich-based and Abu Dhabi-owned, Falcon is finding its feet after its Singapore office was shut as a result of illicit dealings with 1MDB, the Malaysian government fund at the center of a billion-dollar corruption probe.
Under new leadership since September, Falcon said on Monday it is hiring Arthur Vayloyan as head of products and services, effective next week. Vayloyan will become a member of Falcon's top management and report to Chief Executive Walter Berchtold, his former boss at Credit Suisse.
Vayloyan, who wrote a PhD in chemistry and recently completed a certificate at the prestigious Massachusetts Institute of Technology, was part of a cadre of prominent Swiss bankers at Credit Suisse until 2006, when he was pushed out (in German).
Product, Service Revamp
Vayloyan held several prominent positions at Credit Suisse, including head of investment products and services and head of Swiss private banking as well as external asset managers.
He spent nine years as a board member for Responsibility, an asset manager specialized in development assets, but hasn't returned to banking.
«He will be responsible for redesigning our products and services strategy, enhancing our digital capabilities and supporting the bank on its path of transformation to future growth,» Falcon CEO Berchtold said in a statement. Vayloyan's hire brings Falcon's top management to four people.
