Falcon Private Bank, reeling from the 1MDB scandal, is losing its head of private banking, finews.com has learned. A relative newcomer to the Swiss private bank, his tenure has nevertheless been overshadowed by the billion-dollar graft scandal.
Erich Pfister, head of private banking at the Zurich-based bank, is leaving, after two years at the bank, two sources told finews.com. The circumstances of his departure couldn't immediately be identified. A spokesman for the bank didn't comment on Pfister.
The departure of Pfister (pictured below) is the latest blow for the Abu Dhabi-controlled private bank, which has been caught up in a global investigation into alleged corruption at 1MDB.
The probe cost the bank its license to operate in Singapore over ties to the Malaysian state fund. Its Swiss branch manager is serving 28 weeks in prison after pleading guilty to some charges; he is banned from finance for life in the city-state.
Last year, the probe hastened the exit of former Chief Executive Eduardo Leemann, with former Credit Suisse private banking head Walter Berchtold taking over in September. Pfister, who joined in January two years ago and has more than 20 years experience in private banking, remained in his job as others such as operating chief Tobias Unger headed for the exits.
Like Berchtold, Pfister spent years at Credit Suisse and also at Clariden Leu in various senior roles including head of the Middle East and Asia and head of emerging markets. The trained lawyer was most recently Credit Suisse's head of the U.K. market area and international.
