Numerous top executives left their positions in the Swiss financial services industry this year – some departures came as no surprise, others left totally out of the blue. Here are the ten most spectacular resignations.
1. Brady Dougan, CEO Credit Suisse
Long anticipated and called for in no uncertain terms: Brady Dougan may have steered his bank through the crisis in admirable fashion, but then failed to profit from the good starting position and to get the Swiss No. 2 on a path to success.
Shareholders were left disappointed and the loyal boss announced his departure in February. He had his last day at the office in mid-2015; he hasn't been seen since.
2. Alex Classen, CEO Coutts International
When Alex Classen joined, he pronounced his plan to give the wealth management business of Coutts a boost. It didn't really work out and he had to witness how owner Royal Bank of Scotland put Coutts up for sale.
Expansion and dynamism were left stranded and Union Bancaire Privée snapped up the unwanted child. Classen threw in the towel and left. We're looking forward to news where he will take over next.
3. Christian Katz, CEO SIX Swiss Exchange
SIX Group, operators of the Swiss stock exchange, under the guidance of CEO Urs Rueegsegger witnessed countless changes of personnel in the past years, with difficult times for division heads as a consequence. The departure of Christian Katz, head of the stock exchange, came to be seen under these premises.
The reason for the resignation became common knowledge: differences of opinion regarding the future strategy of the division. Katz has a prominent enough occupation as member of the board at Saxo Bank, but a new challenge in the coming year would come as little surprise.
4. Pierin Vincenz, CEO Raiffeisen Switzerland
One of the most prominent voices in Swiss banking. Pierin Vincenz never shied away from airing his opinion, and many of his turned into reality.
He wasn't lost for the Swiss financial market after his departure at Raiffeisen: mandates at Leonteq and Helvetia allow him to keep pulling strings – which he clearly like doing.
5. Barend Fruithof, Head of Corporate Clients CS
Credit Suisse probably had the most departures of any bigger institute this year, and not just because of the resignation of the CEO. Barend Fruithof, longstanding and successful head of corporate clients, departed in spring.
CS described it as a smart reorganization into a bank of entrepreneurs, in fact it was confession of failure of the Swiss business, because Fruithof was only one of many to depart. Urs Gauch was another, leaving for Raiffeisen. Fruithof today is head of Switzerland at Julius Baer.
6. Hans-Ulrich Meister, CEO Credit Suisse Switzerland and Wealth Management
Hans-Ulrich Meister probably is the most surprising departure of them all. It long looked as if the experienced banker would play an important role in the new set up designed by CEO Tidjane Thiam. Only to realize that he was out shortly before the presentation of the changes. Meister will most likely soon reappear in a top position.
7. Martin Senn, CEO Zurich Insurance
The pressure mounted and the problems got too many. Martin Senn battled with crises on many fronts: he had present bad results, an important acquisition foundered, reserves and provisions were miscalculated, top people left.
Josef Ackermann, former boss of Deutsche Bank, didn't exactly calm the waters when he took over as chairman and Senn had to live with the consequences. When shareholders withdrew their support, his only option was to resign.
8. Martin Strobel, CEO Baloise Group
His departure was prepared for with due care. At the end of May Martin Strobel announced his resignation for the end of April 2016. The long period allows the company to look for a suitable successor. Gert de Winter has now been appointed.
Strobel will have been at Baloise for 18 years. With his 50 years, the CEO is obviously far too young to retire and will no doubt soon reappear.
9. Thierry Lombard, Partner at Lombard Odier
Thierry Lombard at the beginning of 2015 retired after more than 40 years at Lombard Odier. The banker, 67, was a partner for 32 years and during these years responsible for the investment strategy, communication and personnel management. His true love however was philanthropy.
Anne-Marie de Weck, a further partner at Lombard Odier, is likely to retire next year. The bank has however already become active to secure the succession: Hugo Baenziger, head of risk at Deutsche Bank, has been selected to become a partner.
10. André Esteves, Founder and CEO BTG Pactual
André Esteves may be a citizen of Brazil and mainly active in his home country, but he played an important role in Swiss banking in recent years. First he sold BTG Pactual to UBS and started working for the Swiss banking giant, then he bought his bank back and embarked on an expansion. In 2014 BTG acquired Switzerland's BSI bank, which was supposed to become the wealth management unit.
It all went pear-shaped. A couple of weeks ago, Esteves was arrested in his home country on suspicion of bribery. He remains in custody and has given up his position as CEO. BSI is now for sale as BTG needs to generate cash.
