Rothschild is hiring Credit Suisse's former head of private banking in Germany and Austria, finews.com has learned.
The Zurich-based private bank is naming Henrik Herr head of Germany, effective September 1, a source familiar with the move told finews.com. Herr left Credit Suisse, where he was head of the German and Austrian markets, in January.
Rothschild CEO Laurent Gagnebin is beefing up hiring in an organic growth push, he told finews.com in an interview in March. Herr is a veteran private banker who had been with Credit Suisse for 17 years until the Swiss bank replaced him earlier this year.
Profits Shrinking
The Zurich-based private bank – part of the wider Rothschild & Co group – last year wrapped up the sale of its trust business, shut an office in Hong Kong office, merged the Genevan subsidiary Equitas, and appointed a new chairman, Gary Powell.
The measures weighed on results: operating profit fell by one-third to 18.4 million Swiss francs ($20.3 million), after stripping out the windfall from selling its trust arm. A spokesman for Rothschild, part of the eponymous French-British dynasty which traces its wealthy roots back to the 18th century, wasn't immediately available to comment on the hire of Herr, who began his career as a branch manager in Germany for Deutsche Bank.
