The year 2022 saw some prominent departures in Swiss Banking. Whether it's the end of an era, a change of direction, or a new beginning .
1. Swiss Finance Industry Advocate
He is everything but a banker. Nevertheless, outgoing Federal Councilor Ueli Maurer belongs on this list. Few Swiss finance ministers have done more for the Swiss financial sector during their time in office than he has.
(Image: Finance.Swiss)
Since 2016, Maurer made significant contributions to the further development of the Swiss financial industry at home and abroad. This not only applied to traditional banking, but also forward-looking areas such as fintech, crypto finance, and blockchain, and serving as an ambassador for «Swissness» abroad.
2. Departure of a hapless CEO
Credit Suisse dominated the news in the Swiss financial industry last year, so it should come as no surprise the changing of the CEO guard tops the list.
Thomas Gottstein's departure as CEO at the end of July 2022 was unexpected by almost no one. After the bank reported its third consecutive quarterly loss, the writing was on the wall. Ulrich Koerner, the former head of asset management, was appointed as his successor.
Gottstein's tenure certainly took place under a dark cloud. He took over as head of the bank in mid-February 2020 after his predecessor Tidjane Thiam was forced to resign over the «Spygate» affair.
The restructuring of the bank should have been Gottstein's task, but he instead had to take on the role of a firefighter, as the conflagration soon spread throughout the bank. In particular, costly debacles, such as the collapse of Greensill Capital and Archegos Capital Management at the beginning of 2021, not only dominated the headlines but also caused steep losses and a loss of confidence in the institution's management.
The new start under the duo Gottstein and Chairman António Horta-Osório was not a success. The new Chairman Axel Lehmann, who took over at the beginning of 2022 after the forced resignation of Horta-Osório, also failed to calm the waters. Speculation mounted as to who might take over the CEO post from Gottstein. In the end, the bank brought in Koerner to help it implement its current strategy.
3. UBS: After Weber Comes Kelleher
At the second major Swiss bank, Axel Weber's departure marked the end of an era. The former president of Germany's Bundesbank was appointed Chairman of UBS in May 2012. Together with CEO Sergio Ermotti, he gave the bank a new strategic direction and strengthened asset management, while paring back riskier investment banking. Colm Kelleher was appointed as his successor after a stellar Wall Street career and retired from Morgan Stanley in 2019.
(Image: Keystone)
4. Changing of the Guard at ZKB
The departure of long-time CEO of Zuercher Kantonalbank (ZKB) Martin Scholl received a lot of media attention in 2022. At the end of August, the head of the cantonal bank handed over the scepter to his successor Urs Baumann.
It was a long farewell. Scholl announced his departure in May 2021, well over a year before the change. With his stepping down, the banking industry lost a type of manager harking back to another era. The banker, who is regarded as very disciplined, turned 60 in August and was a ZBK employee for more than four decades.
He held the CEO post at Switzerland's fourth-largest institution since 2007, making him one of the longest-serving Swiss bank chiefs. «The bank is in excellent shape in every respect,» Scholz said at his farewell annual media conference in the spring.
(Image: Keystone)
5. Chairman Bids Farewell to Vontobel
There was also a changing of the guard at Vontobel. In the spring, Herbert Scheidt handed over the Chairmanship of the Board of Directors to Andreas Utermann. Scheidt had been with Vontobel for 20 years, first as CEO and then, from 2011, as Chairman of the investment house. He had now reached the designated age limit for retirement.
(Image: Vontobel)
6. Helvetia CEO Departing After Three Decades
Announced but not gone yet: Philipp Gmuer, Chief Executive Officer and Group CEO of Helvetia announced in October that he will step down in mid-2023. Gmuer cites the desire «to turn over a new leaf» as the reason for the move.
The St. Gallen-based insurer has not yet named a successor, but the search is already underway.
Gmuer worked in the insurance group for around 30 years, including 13 years as CEO of the Swiss market and seven years as head of the group. He took over the post from his predecessor Stefan Loacker in 2016 and was confirmed in the post by then ChairPierinierin Vincenz.
(Image: Helvetia)
7. Digitization Expert Moves From UBS to Fintech
Martha Boeckenfeld (pictured below) was the driver behind the digitization of UBS's product range. In her just over two years at the bank, she had left her mark on development as head of Digital Platforms and Marketplaces. In January, she moved to Zurich-based fintech Gentwo and has since taken on several directorships.
(Image: Gentwo)
8. Farewell at Edmond de Rothschild
At Edmond de Rothschild (EdR), Michel Longhini resigned as head of Group Private Banking in June, deciding to leave the bank, according to reports. The well-known private banker had only joined EdR in 2019 after years of brash acquisitions at Geneva-based rival UBP in the same position. Hervé Ordioni was appointed as his successor at EdR.
(Image: UBP)
9. Fanconi takes the Helm at EFG International
At the private bank EFG International, there was a surprising change in the position of Chairman of the Board of Directors over the summer. Peter Fanconi (pictured below), stepped down at the end of October 2022 for personal reasons, and Alexander «Alex» Classen was elected the new Chairman. At the Annual General Meeting in October, Boris Collardi was elected to the supervisory board as a non-independent member.
Fanconi was appointed as VRP of EFG in April 2020. At the same time, he also held the office of chairman of the Graubuendner Kantonalbank (GKB), which he assumed in 2014. The combination of the two mandates had repeatedly caused a stir among financial insiders. Fanconi also co-founded the Swiss impact investment boutique Blue Orchard Finance in 2012, where he served as CEO until the end of 2015, after which he moved to the position of Chairman, a role he still holds.
(Image: EFG)
10. Leaving Before Crypto Winter Set In
The crypto industry, in dire straits over the year, reported a prominent departure in Switzerland to start the year. In January, Bitcoin Suisse CEO Arthur Vayloyan stepped down. Before that, President Niklas Nikolajsen had also stepped down. Ex-UBS manager Dirk Klee, who had previously headed the Wealth Management & Investments division at Barclays in the UK, was appointed as Vayloyan's successor.
(Image: Bitcoin Suisse)
11. Migros Bank Seeks Chairman
The change in the chairmanship at Migros Bank is collateral damage from the changing of the guard at the retail banking giant. Fabrice Zumbrunnen, the Chairman of the general management of the Federation of Migros Cooperatives (MGB) announced in October he would be leaving at the end of April. This means that a new president of the bank subsidiary will also have to be found.
(Image: Migros Bank)
