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Co-Founders' Exit

Five years ago, co-founders Alfredo Piacentini and Paolo Luban left the firm for rival Decalia. In 2015, Syz acquired the Royal Bank of Canada's Swiss unit – including an U.S. branch. Syz was able to expand its North American business, but suffered setbacks due to tax amnesties in Europe as well as withdrawals from the RBC acquisition. 

The Canadian deal also led Syz into Brazil's Lava Jato scandal involving Petrobras. The misstep led Syz to remark succinctly that «one has to choose clients very carefully in these countries». Last year, Syz suddenly ditched software provider Avaloq in favor of Lombard Odier, a rival bank. The move resulted in a double-digit write-down and led an Avaloq executive to remark privately that «Eric is a very talented but difficult guy».

Central Compliance Log

In an industry beset by a sense of nostalgia for the past, prosperous days of Swiss banking, Syz was a rare original voice trying to forge a way forward for the battered sector. Early on, he recognized that banking secrecy would fall. He later called for a central client information center on compliance matters, or know-your-client.

Switzerland could take the lead and «become the Swiss fortress, with customers certain that their data are being stored safely», he advocated in 2017. The idea fizzled because of the financial industry couldn't agree – emblematic of the fraternity of Swiss banks which frequently undercut each other. And while the industry has undoubtedly suffered since secrecy fell, Swiss private banking doesn't truly have its back up against the wall yet.

Sedate Peers

For some, Syz's thinking and communication were undoubtedly too rapid-fire for Switzerland's relatively sedate cadre of private bankers. His retreat from operational responsibility may be a consequence of the disparity.

Syz must be credited with taking the bull by the horns on his own succession. Nicolas and Marc, his two sons, returned to the fold recently in prominent positions – in order to eventually take their father's place.