The U.S. bank continued its raid on the Swiss heavyweight for a wealth push, hiring two UBS family office veterans devoted to wealthy Gulf clients.
Goldman Sachs is hiring Cedric Deleamont (pictured below) and Jerome Lauber as private bankers in Geneva, it said in an emailed statement on Wednesday. Both are currently with UBS. Deleamont will seek to bring Goldman's Swiss bank offering to key relationships across the Gulf, while Lauber is to focus on ultra-high net worth and family office clients in the region.
Raid On Heavyweight
This is the third time in 18 months that Goldman has raided UBS. «We have an ambitious growth plan of doubling revenues within our Swiss bank until 2025 and invest significantly in our offering and in our advisors,» Swiss wealth boss Dominique Wohnlich said in the statement.
The hire of Deleamont and Lauber (pictured below) cement American investment bank's intention to bulk up in Switzerland, the world's largest offshore wealth market. They come alongside the appointment of Shrooq Abualif AlMuhaid as Goldman's new head of wealth management in Saudi Arabia, as well as the hire of five private bankers in Dubai.
Splashy Zurich Office
Goldman's business with wealthy in the Middle East and North Africa, led by Gabriel Aractingi, is run out of Geneva. The world’s largest trading house is quietly seeking to reinvent itself as a trusted wealth manager in what may be the blueprint for the private banking industry, finews.com reported last year.
Goldman revived its interest in Swiss private banking in 2019, three years after halting resources to a Genevan office. It plans a prominent new office in Zurich by 2024.
