4. Raiffeisen – Biding for Normality
A year ago, it had looked as if Pierin Vincenz had gotten away with the sligtly tricky deals he promoted while in power at Raiffeisen. In 2018, the scandal blew up and the former CEO of Switzerland's third-largest bank was taken into custody in Zurich. The old guard at the top of the bank was also swept away as the investigation revealed further details of the handling of the deals.
And still the bank hasn't reached calmer waters. The Zurich attorney has yet to go public with charges against Vincenz. And the bank itself will take the first quarter to find out how much of a say it wants to give member firms and whether to convert the cooperative into a new company form as suggested by Finma.
5. GAM – Make or Break
Ex-CEO Alexander Friedman wanted to wait with job cuts until 2019. But then he suddenly stepped down in November and his successor wasted no time to implement measures to steady the ship. GAM issued a massive profit warning for 2018 and the shares tanked as a consequence. Further tough measures will likely follow soon to prevent GAM from taking in more water – and if it is only to make it fit for a sale as rumors had it.
6. Postfinance' Strategic Move
Negative interest rates and charges levelled on central bank deposits made life tough going at Postfinance, the financial unit of the state-owned postal business. After years of prompting, the government in September came to its rescue, allowing it to sell mortgages. It will also ponder whether to sell IPO to an investor or through an IPO.
The government's plan for the bank will likely get a speedy review and rival banks will also likely reject the plans for new state-backed competition.
