Credit Suisse which bills itself as the bank for entrepreneurs bank Credit Suisse has to cope with the loss of a managing director in Zurich. He is taking an entire team with him.
Yusuf Savmaz (pictured below) has taken over as head of the German-speaking Switzerland business in the local private banking division of BNP Paribas, effective August 1. He also joins the management team of the institute's Switzerland & Emerging Markets market area and reports to its CEO Beat Bachmann, BNP announced Thursday.
(Image: Xing)
Savmaz's departure is likely to hurt Credit Suisse. In 2016, the bank poached him from arch-rival UBS, where, under the leadership of Andreas Arni, helped set up the E&E desk in Zurich, which is specifically geared to the financial needs of executives in Switzerland. Subsequently, and again under Arni, Savmaz started working for Credit Suisse as head of E&E in the Zurich region.
Executive Business Ambitions
While Arni left Credit Suisse in 2019 for the presumably greener pastures of Lombard Odier, Savmaz is jumping to the French competition with a whole team.
As it was further announced on Thursday, Nadia Cortesi, Stephan Ulrich and Marco Studer follow him from Credit Suisse. All previously worked as client advisors at Switzerland's second-largest bank and are now to expand the segment of entrepreneurs, executives, and wealthy families at the new location.
The team is the latest in a series of departures, resignations, and replacements in the Swiss business of the crisis-ridden bank.
«We are very happy to welcome Yusuf and his team at BNP Paribas Wealth Management. With their long-standing expertise in serving Swiss entrepreneurs and executives with custom-tailored solutions as well as their strong network amongst wealthy families residing in Switzerland, we are more than ever able to meet the demand for sophisticated services that we experience from this demanding client segment,» Bachmann said.
