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A bank spokesman confirmed, that there had been a wave of resignations in recent months, including such of clients. The goal of reducing the staff numbers from 300 to 250 by year-end has now been achieved – which is the good news. The bad news is that the reduction was an uncontrolled one.

In the current critical phase of reorganization and the strategic shift towards digital banking and Blockchain asset management, Keller can’t afford to make any mistakes. Still, he only holds some of the power as has been shown by the episode with Banque Havilland.

Does the Board Need to Examine the Books?

The latter doesn’t enjoy the best of reputations in the wake of the liquidation of Iceland's Kaupthing Bank in Luxembourg. The Rowland family tried to expand through acquisitions, with Banque Pasche being one of them, a bank with a checkered past of its own.

After the failed talks between Falcon's owners and Banque Havilland, Falcon insiders say that the board will need to go through the books again to see whether any strategic changes are required. A spokesman however said the current strategy and the goal of less complexity and lower costs remain intact.

High Digital Banking Expectations

Falcon CEO Keller may achieve the goals as described. By 2019, the Finma requirements and the PEP restrictions (a ban on politically exposed persons as clients) should also be lifted.

Still unclear though is whether the former Credit Suisse manager with his much-vaunted repositioning as a digital wealth manager will bear fruit. Falcon is still way off the demands necessary for a new technology platform as well as the development of digital competence.

Just how much time Keller will have depends on the goodwill of the owners in Abu Dhabi. An approach from a reputable suitor with deep pockets is unlikely to be turned down by Mubadala.