How tough is a career change for veteran Swiss bankers? Ex-HSBC banker Stephan Peterhans and headhunter Robert Zimmermann explain in a finews.com interview.
Switzerland's financial center shrunk in headcount last year. The drop is mainly for structural reasons, but an growing number of bankers are heading for the doors on their own amid the malaise in the industry. Seven years ago, Robert Zimmermann was one of them: the former Goldman Sachs banker co-founded executive search firm SchulthessZimmermann.
While Zimmermann is still active in Swiss finance as a headhunter, Stephan Peterhans left banking altogether after a career at Clariden Leu and HSBC Private Bank. Today, he is part of the top management of a springs and stamping supplier – a move that Zimmermann facilitated.
The two spoke to finews.com about their motivation for leaving banking as well as the requirements and hurdles in switching careers.
Stephan Peterhans, you were head of human resources at Clariden Leu, later responsible for EMEA at HSBC's private bank. You've worked for a small industrial firm outside of Zurich for the last three years. Are you happier?
Stephan Peterhans: Satisfaction is a short-term concept. I can say that I enjoy a more fulfilled professional life today.
Why?
I'm a lot freer and more inspired in my current job as CEO of the springs division and plant manager of Switzerland for Baumann Springs. I have fewer rules and limitations, and I can be a lot more entrepreneurial – something that is practically impossible as an employee in the banking industry.
Swiss banking was and still is «sexy». Now you're part of a firm which manufactures springs. Do you miss anything?
Of course Ermenswil in Zurich's countryside doesn't convey quite the same glamour as Paradeplatz. But my job more than makes up for this, and as a product metal springs in particular are interesting. To be honest, I didn't know anything about this area when Robert Zimmermann contacted me four years ago for this job.
Why did you want out of Swiss finance?
I felt increasingly claustrophobic with the direction that the banking industry was moving in. In a ten-hour management meeting, we could talk about risk and compliance for nine hours at times. Also, my job was in Geneva with HSBC.
«A strong commitment is something I missed in the world of big banks»
This was increasingly difficult to reconcile with my family life, which was mainly in German-speaking Switzerland. The impulse was the first talks I had with the CEO of Baumann Springs and the team. I quickly realized that entrepreneurial vision was followed up with a strong commitment. That's something I missed in the world of big banks.
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