Troubled Falcon Private Bank is losing another high-ranking executive following the departure of CEO Walter Berchtold earlier this week.
On Tuesday, Chief Executive Walter Berchtold and chairman Christian Wenger said they would leave the Swiss bank, which is controlled by Abu Dhabi's sovereign wealth fund. On Thursday, the bank told staff that its products and services head, Arthur Vayloyan, is following them out the door, «Tages-Anzeiger» (in German) reported.
A spokesman for Zurich-based Falcon confirmed the move. According to a source, Vayloyan quit after being passed over for Martin Keller as CEO to replace Berchtold.
Further Exits?
Keller, Berchtold and Vayloyan are all former Credit Suisse executives, and a large portion of Falcon's wider leadership also comes from the largest Swiss bank – meaning further exits are probable.
Vayloyan, who wrote a PhD in chemistry and studied at the prestigious Massachusetts Institute of Technology, made it nine months at Falcon. The bank has been battered by the 1MDB scandal, which its oil-rich owners are also tied to.
Vayloyan was part of a cadre of prominent Swiss bankers at Credit Suisse until 2006, when he was pushed out. His hire at Falcon last November marked Vayloyan's now short-lived return to banking.
