7. Joachim Straehle – Writing His Own Story
After Bercthold Joachim «Joe» Straehle was the second Swiss private banking war horse to leave the industry this year. Much like Berchtold, Straehle ended up at the helm unwittingly: he was proposed as chairman, but was switched in as CEO two years ago to replace John Williamson, who was smarting from an unsuccessful deal with Julius Baer.
Straehle quickly demonstrated that he hadn't lost his stride since leaving Basel's Sarasin: he snapped up Banca della Svizzera Italiana, a deal which turned into more than he bargained for after Ticino-based bank's neck-deep involvement in the 1MDB scandal emerged. The CEO nevertheless concluded the grueling takeover process, in the process deciding not to remain as EFG's boss for the long-term. The stress and workload of the last two years had left their mark – and Straehle drew the consequences. He is the biggest Swiss banking departure this year to take his destiny into his own hands.
