Page 2 of 2

The remaining decisions of course are the ones that create dissent among members. But the fact that the personal style of Scheidt should lead to unrest is surprising because he had been a member of the board already before he was elected chairman in the fall of 2016 – in a unanimous decision.

When Patrick Odier let it be known that he wanted to step down from the post, a commission led by Credit Suisse Chairman Urs Rohner, with Yves Mirabaud and Zuercher Kantonalbank boss Martin Scholl, started to look for a successor.

A difficult task it proved to be, according to several sources. Two of the candidates were the former boss of UBS Switzerland, Lukas Gaehwiler, and Pierin Vincenz, who at the time was about to give up his duties as CEO of Raiffeisen. Both are said to have declined. With hindsight, the interested parties are probably quite happy that Vincenz was unwilling to take the position as head of the Swiss Bankers Association – after all, he currently sits behind bars.

Collardi Dropped Out of Race

The sources say that Scheidt put his hat into the ring, but that the board preferred to choose Boris Collardi instead, the then boss of Julius Baer. He also seemed to have signaled an interest in the position but shortly before the election dropped out of the race. And the bankers day 2016 was approaching fast, with no chairman candidate in sight.

Under pressure, the association opted for Scheidt. With the election, the SBA also followed the unwritten rule that a German-speaking private banker should follow a French-speaker. CEO Margelisch today says: «There were no other candidates.» Herbert Scheidt was elected unanimously.

And he started with a great dynamic. Scheidt got himself busy working on ties with Asia and the Middle East, with as many as 37 meetings stuffed within seven days.  

New Lobby Group

But his enthusiastic approach didn’t meet an overwhelming response back home, and the money spent on lobbying abroad even caused dissent, as has been reported previously.

A number of Swiss banks decided to boost their own lobby work instead, with the foundation of a regional bank association being a visible expression of this shift. The new grouping (VSRB) may have subjected itself to the wider umbrella organization, but will defend its specific demands with one voice, its own.

«After the end of the tax dispute with foreign countries, the bankers association missed a great chance,» one observer told finews.com. «It should have focused fully on the reputation of banks in Switzerland.»

Who, If Not Scheidt?

Margelisch says that at four fifths of what the association and its chairman are doing is focused on Switzerland. The SBA agreed to spend more to improve the perception of the quality and professionalism of the Swiss financial market at home, prompted by the chairman. «In other words, for the chairman, the promotion of the financial market is as important at home as abroad.»

But the efforts seem not to be held in a proper esteem among industry representatives. They so far have refrained from openly criticizing the SBA chairman – and the question remains: if Scheidt doesn’t do the job, who will in his stead?