Falcon Private Bank is set to lose three more long-standing top executives, finews.com has learned. The departures come as the Swiss private bank's finance chief also exits, and the curtain falls on bonus season.
Three high-ranking executives are leaving the Zurich-based private bank, a source at the company told finews.com. Technology chief Mathias Studach, trading head Ivo Sauter, and operating chief of risk and compliance Christian Schulthess have elected to leave Falcon, the person said.
A spokesman for the bank confirmed the exits, which follows that of finance chief Urs Zgraggen, which finews.com reported exclusively earlier on Friday. Studach and Sauter are managing directors and part of an extended top management around new CEO Martin Keller, who is struggling to break free of Falcon's torrid past following a management exodus last year.
Singapore Exit
Schulthess had stepped in as Falcon's branch manager in Singapore, wrapping up the office's business in the city-state after the Monetary Authority of Singapore yanked its license. The Swiss banker returned to Switzerland last year to coordinate Falcon's strategic and regulatory initiatives under risk boss Bruno Meyer.
The timing of the exits are unsurprising: bonuses traditionally granted in February and paid out in March usually prompt a seasonal churn among private bankers. The Falcon departures point to a larger pattern of worry among key, long-time employees – Studach, Sauter, and Schulthess had been with Falcon for a combined 23 years – over the bank's future under owner Abu Dhabi.
