Stefano Coduri: Loyalty to a Sinking Ship
The writing was on the wall for BSI boss Stefano Coduri as soon as EFG International reached a deal to buy the Ticino-based private bank early this year. Coduri did step down in May, although under entirely different circumstances than those linked with the EFG deal: BSI had flouted money-laundering and corruption rules when dealing with Malaysia's 1MDB, it emerged.
BSI's demise was a further blow for Swiss banking, which is full of similar tales. The bank's fate is mirrored in that of Coduri, who spent his entire career at BSI after joining in 1989.
Barend Fruithof: Outside His Comfort Zone
He joined Julius Baer last autumn as head of the private bank's Swiss business, but the multi-facetted banker Barend Fruithof kicked off in 2016 – but not for long. As surprising as his hire by Baer was, he disclosed his departure in July. Fruithof's direct and demanding personal style pushed Baer's veteran private bankers out of their comfort zone, but also made some clients nervous.
As a result, CEO Boris Collardi unveiled a hastily-organized management shuffle which effectively and elegantly disposed of Fruithof. Zurich bankers are speculating where the lively banker will show up next – he has already spent time at Zuercher Kantonalbank, Raiffeisen and Credit Suisse.
Lukas Gaehwiler: Drama-Free Departure
Not much from the veteran Swiss market banker would have surprised observers – except what actually happened. In May, Lukas Gaehwiler said he would give up his position as head of UBS in Switzerland after six years. Gaehwiler is synonymous with Swiss banking and a respected master of his profession – one reason many already saw in him a potential head for Switzerland's banking lobby.
Speculation abounded over the motivation behind his shock departure (or perhaps sacking?), but the real reason is mundane: Gaehwiler wanted to step back and spend more time with his family. In his case, the expression wasn't code for something else – it meant just that. He remains with UBS as chairman for Switzerland, where he looks after several key projects and clients. Finews.com doesn't expect to hear much from Gaehwiler in 2017 – which is precisely his intention.
Hanspeter Brunner: Rushed Retirement
He had big plans: Hanspeter Brunner, BSI's Asia head, wanted to make the firm into a center of competence for private banking in Asia. The plan was to team up with BTG Pactual, BSI's then-owner, but the Brazilian bank's liquidity problems forced the Swiss bank's sale to rival EFG International.
The elephant in the room was 1MDB: the Malaysian fund's money and dealings with a huge part of BSI's business in Asia. The bank was effectively shut down in Asia with several former executives and private bankers facing criminal charges.
But what of Brunner? He disclosed his resignation in March – officially as a retirement although clearly he was no longer tenable in his role. Brunner, who lives in Singapore, is not permitted to leave the city-state until an investigation concludes. A bonus skirmish, since ended, and an enforcement proceeding in Switzerland further sully his long career.
Veit de Maddalena: No Speculation
A job as prestigious as running exclusive private bank Rothschild isn't given up without a fight. Or is it? Veit de Maddalena surprised the private banking industry with his resignation in May. The institute went on the offensive against speculation and rumor, insisting that de Maddalena had begun his own succession planning as early as two years prior.
De Maddalena, a former Credit Suisse banker, ran Rothschild's Swiss private bank and trust arm for ten years. He maintains close ties with the firm after stepping down, tending to a select group of clients and projects as vice chairman. His successor is Laurent Gagnebin, the son of renowned Swiss banker George Gagnegbin, as finews.com reported exclusively.
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