The churn of Raiffeisen's management has consequences for the board of derivatives boutique Leonteq, where a director is leaving with immediate effect.

Swiss bank Raiffeisen's clean-up of the «Vincenz affair», the scandal of alleged enrichment by its former CEO Pierin Vincenz, cost several more people their jobs last week, as finews.com reported – including Paulo Bruegger. The move has a knock-on effect at Leonteq, where Raiffeisen is the largest shareholder with a 29.2 percent stake.

Bruegger will leave the board of the structured products boutique, effective immediately, Leonteq said in a statement on Monday. Leonteq said it will propose Bruegger's replacement «in due course». It still has time to do so: agenda items and proposals are due to be released at the end of February ahead of Leonteq's March 27 shareholder meeting.