Most bankers who have switched jobs know about «gardening leave». How is one of the world's top private bankers coping with his enforced vacation?
«Gardening leave», or the practice in finance of paid leave following resignations in order to protect a firm's trade secrets, implies what most bankers end up doing with their time: tending the roses or cultivating their vegetable garden.
The industry practice is a blessing and a curse: bankers are no longer required in the office – in fact, many of them relinquish their keys and badges immediately – but are paid until their contracts expire.
«First Time in Life»
That's what happened to the 43-year-old Boris Collardi, who shocked Julius Baer by defecting to rival Pictet & Cie last month. Since then, he has been on a six-month gardening leave until he starts at the Genevan firm in June – unthinkable for the dynamic and hard-charging former CEO whose most marked character trait is constant activity.
But Collardi emoted cool in an recent interview: «It’s the first time in life where I have so much time on my hands,» adding that his break is «fantastic», but not without its challenges.
«It’s not easy when you come from an environment where everything is set...then all of a sudden you have no reference point until June 1,» he conceded. So what is the father of one girl doing with his newfound freedom? Family and travel, including longer trips, he told the broadcaster. He also recently visited a class on «influencer marketing» inn London. Is he bored? «Not a minute.»
Learning Patience
If the native of French-speaking Switzerland is to be believed or not – he is likely to be mulling what he can bring to Pictet, where he joins a hallowed group of seven partners. Just as at Julius Baer, Collardi said he will continue to spend a lot of time in Asia, implying that Pictet is serious about kickstarting its growth in the region.
The Swiss banker said he enjoys learning and being hurtled out of his comfort zone. His extended leave between jobs could come in handy in unexpected ways: Pictet is a much more static and sedate setting than Julius Baer. At Pictet, partners stay an average of 21 years, and senior partners don't get there overnight. Before June, Collardi can learn the virtue of patience.
