In the summer, Lombard Odier took on an extensive team of former Credit Suisse bankers in Zug, causing a stir in the financial center. The Geneva-based private bank has now launched a market offensive in central Switzerland.
This year, private bank Lombard Odier stunned the finance community by dropping quite the bombshell. At the start of August, an entire team of experienced bankers from Credit Suisse Switzerland, led by Marco Arnold from the Geneva institute, has switched sides to join Lombard Odier.
The investment bank took this opportunity to open a new location in Zug at the same time. By making this strategic move, the bank wishes to strengthen its presence in German-speaking Switzerland, a place where the Genevese have struggled in the past.
After just over 100 days in office, Arnold now reveals the first impressions that he and his team have gained at Lombard Odier. On the company’s own blog, the top manager expresses his surprise that «there are actually quite a lot of differences from a major bank». Among other things, he stated that the sense of belonging within the organization is «especially strong».
Real Dynamics
There have already been many discussions with wealthy private individuals, which have shown that central Switzerland is «very receptive» to a bank like Lombard Odier. As local managing director, it is important to him «that we are still the preferred bank for our clients in ten, 20 or 30 years, and for the next generation».
At the business location in Zug, Arnold noticed «real business dynamics». «Many of our contacts are entrepreneurs or managers.» This is why this is the specialism in Zug, so that they can be supported. His team have extensive experience in taking care of this clientele. «We understand the business and private concerns of our clients, we know how to read a company balance sheet, and how to speak their language,» highlights the top manager.
Lucrative Business Segment
In the market area referred to as Entrepreneurs & Executives (E&E), specialists support managers and entrepreneurs at the interface between corporate banking and private banking. This is a lucrative business, even national banks such as Luzerner Kantonalbank want to get involved in this area of business in the future, as the bank announced at the start of the week.
In establishing Arnold’s team, Geneva’s second largest bank has made a clever business move. When added together, the team members have more than 130 years of banking experience and, in addition to expertise in wealth management, they also have broad and well-founded knowledge in investment and corporate banking. Before the switch, Arnold himself had spent 15 years heading up Entrepreneurs & Executives (E&E) at Credit Suisse in Zug.
Together on the Hunt for Clients
Just a few months before, Lombard Odier had already astonished many with the news that Serge Fehr, long-standing head of private banking at Credit Suisse, was also switching to the western Swiss traditional bank. Together, the two of them are intent on gaining as many rich clients as possible – and they can make great use of their contacts from their Credit Suisse times.
