The CEO of Notenstein La Roche has joined the exodus at the Swiss private bank. The Swiss banker is being replaced internally.
Notenstein La Roche Chief Executive Adrian Kuenzi is leaving the private banking subsidiary of retail lender Raiffeisen, the bank said on Thursday.
The private bank, born out of the remains of Bank Wegelin & Cie which collapsed under the heft of a U.S. indictment in 2012, has been under pressure for some time. Notenstein hasn't been able to hike its managed assets – roughly 20 billion Swiss francs – and has embarked on an extensive restructuring and cost-cutting program.
Selling Client Assets
Since then, the bank has lost a series of high-level executives and key private bankers. Notenstein also sold a portfolio of Russian clients to rival Bank Vontobel three months ago. Six weeks ago, Kuenzitold finews.ch-TV (below, in German) compared the step to «reculer pour mieux sauter» – a strategic withdrawal in order to better jump forward.
In the same interview, Kuenzi assured finews.ch-TV that he had the support of Notenstein's board, and that a sale of the private bank wasn't being discussed.
«The focus on Raiffeisen Group's interest is the private client and how to provide solutions to them. Notenstein La Roche has its a role to play in that,» Kuenzi said. His departure raises questions over whether a bank of Notenstein's size can flourish in the competitive Swiss market.
Ex-Morgan Stanley Banker
Following Kuenzi's departure, it is up to his successor, Patrick Fuerer (pictured below) to do so. Currently finance and operating chief, Fuerer will take over the CEO job in ten days.
Fuerer, a 52-year-old PhD economist, worked for Morgan Stanley's private bank in Switzerland since 2009, most recently as Chief Executive and previously as operating chief. Before joining the American bank, he was part of Raiffeisen's top management and responsible for information technology and operations.
Silvio Hutterli, Notenstein's chief counsel, will replace Fuerer as finance chief temporarily.
