Deutsche Bank's former boss in Switzerland is heading to Milan, where the Swiss banker will run Unicredit's private bank.
Unicredit said it has hired Marco Bizzozero as head of private banking, effective March 1. The Ticino banker was most recently head of Deutsche Bank's Swiss unit until last January, when he ceded the job to Peter Hinder.
Unicredit, where UBS CEO Sergio Ermotti spent three years as deputy head, is a far smaller wealth manager than the Swiss banks, which have pushed into Asia, the Middle East, and Latin America. By contrast, the Italian bank's focus in wealth management is Europe, and Italy, Germany, and Austria in particular.
Bizzozero will report to Unicredit's second-in-command, general manager Gianni Franco Papa. «Marco Bizzozero’s widespread international experience, proven track record and leadership skills will be instrumental to further developing and strengthening our positioning in wealth management and private banking,» Papa said in a statement.
Stellar Credentials
The bank has grappled with bad loans in recent years, launching a 13 billion euro cash call last year following a 11.8 billon euro annual loss in 2016. The firm, now run by CEO Jean-Pierre Mustier, has battled itself back to a 5.5 billion profit last year. It manages roughly 60 billion euros on behalf of wealthy clients.
Bizzozero spent 13 years with Deutsche Bank, as well as eight years with UBS' investment bank with stints in Zurich, London and New York. The Swiss banker has impeccable credentials, including a business degree from the prestigious University of St. Gallen. He is well-known in Swiss finance circles due to industry-wide roles including with the Swiss Bankers Association and a lobby of foreign banks in Switzerland.
