Switzerland's banking lobby is losing its deputy head following the streamlining of two departments. The once-powerful body is set to lose two of five top executives in total in coming months.
Thomas Sutter has been the public face of Swiss banking in recent years, ushering the lobby group through major scandals such as a painful industry-wide tax dispute with the U.S.
Now, Sutter is leaving the Swiss Bankers Association's five-person top management as a result of restructuring.
The lobby group plans to combine its public affairs arm – or Bern lobbying activities – with communication. Sutter, who leads the communications department, chose not to apply for the combined role, the SBA said in a statement on Tuesday.
Setback for Lobby
The current head of public affairs, Kuno Haemisegger (pictured below), retires early next year, meaning that the lobby will lose two of its top five executives in quick succession. Sutter, who has been with the SBA for the past 16 years, leaves early next year after a transition, the SBA said.
The move is a blow for the SBA, where Sutter ascended into top management in 2011 and advanced to deputy CEO last year. Once a powerful industry voice on issues such as dormant Holocaust accounts in the 1990s, the group has more recently struggled to unite various industry players – from powerhouses like UBS to tiny regionally-focused firms – to a common voice.
The lobby group recently elected Vontobel chairman Herbert Scheidt as its new chairman, following the exit of Lombard Odier partner Patrick Odier.
