The fintech wunderkind seemed to have survived Leonteq's fall to earth. Just months later, his career is in shambles. Jan Schoch disregarded too many rules for entrepreneurs.
The rise and fall of Jan Schoch is as instructive for financial journalism as it is for fintech. Who wouldn't want a piece of the hype over a young banker's dazzling rise in stodgy Swiss banking circles, and then jeer his abrupt, seemingly sudden fall from grace?
finews.com is as guilty as many media outlets, publishing a gushing portrait of the co-founder of derivatives boutique Leonteq in 2015 which elevated the then 38-year-old to «the Elon Musk of Swiss finance» (in German).
Two years later, nothing of the luster remains: Schoch and the derivatives boutique divorced acrimoniously. A side project, Flynt, a digital wealth manager for the super-rich, is also in tatters after the Chief Executive and board save for one stepped down.
Unyielding, Unreachable
Schoch's self-induced cash landing is brutal example of the risks of entrepreneurship. What went wrong?
Undoubtedly sharp and driven, Schoch cultivated an odd style of communication and leadership. Previous Leonteq employees describe him as brilliant and obsessed with details: a very demanding leader who wanted to micromanage fast-growing organization. At the same time, Schoch remained distant and often simply couldn't be reached, bragging that he didn't read emails or own a mobile phone.
Inevitably, Schoch himself became uncontrollable. Unyielding, he isolated himself through his stubbornness, ignoring the growing economic realities facing Leonteq – by then a publicly-listed firm with requirements and obligations to board and shareholders.
Presumption and Hubris
Leonteq's board finally put a stop to Schoch's solo attempt at running the firm when Rainer-Marc Frey, a wealthy investor who pioneered fund-of-hedge funds in Switzerland, bought a considerable stake.
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