UBS and Credit Suisse's top lobbyist in Brussels has left her job unexpectedly. The departure comes as Switzerland's two big banks mull changes in how they approach the EU as Britain breaks away.
Judith Hardt has left the Swiss Finance Council, which was set up by UBS and Credit Suisse in 2013 to lobby for more effective regulation in the European Union, the body said in a statement. Hardt, one of the most influential women in European finance, left suddenly after being dismissed at the end of May, two sources familiar with her departure told finews.com.
The council thanked Hardt, a Brussels veteran who was instrumental in shaping MiFID regulation in her previous role as chief lobbyist for Europe's exchanges, for four effective lobbying years. The body said it is planning to adapt as views within the bloc of third-party states like Switzerland and, in future, Britain, change.
Swiss diplomats in Bern and Brussels have proven effective sounding boards for their British counterparts, as London grapples with the legwork to leave next March. Switzerland has never been part of the bloc, nor the European Economic Area, despite the EU being its largest trading partner.
Rotating Oversight
Hardt, who also lectures at the Solvay Business School in Brussels, will pursue other opportunities, the council said. Thomas Pohl and Lucia Waldner, lobbyists for UBS and Credit Suisse, respectively, will stand in during a transition period.
Her exit comes after the council also altered its oversight: previously, former diplomat Alexis Lautenberg has been the lobby's chairman. In future, the position will rotate yearly between the two big Swiss banks. The council's current chairman is Alexandre Zeller (pictured above), who is also the chairman of Credit Suisse's Swiss arm.
The council doesn't necessarily represent Swiss interests, as one observer pointed out: «The Swiss Finance Council was set up solely to promote the interests of two multi-national banks – UBS and Credit Suisse – and not Switzerland's.»
