Traditionally a Geneva-focussed bank, Pictet’s new Zurich offices announce to clients and bankers alike that it is taking the fight to Julius Baer’s neighbourhood. At a time when they sought to move on from Collardi’s shock-move to Pictet, the sound of his Ferrari roaring down the road outside would make it almost impossible to. The clincher?
Steady the Ship
Sources within the bank insist that it had been advised on several occasions to snap up the super-prime real estate when Credit Suisse put it on the block in 2016.
Taking over from the most charismatic CEO in the Swiss bank’s history, Bernhard Hodler (pictured below) knew going into the job that as a former head of risk, he would likely struggle to replicate the glamour of flamboyant deal-maker Collardi. What he took comfort in was his ability to steady the ship after its numerous acquisitions and bolster its core business.
Until the first half of 2018, Hodler seemed to be doing justy that. But the second half of the year turned dramatically different and naysayers blamed it on «the Boris effect». In November Hodler had to admit the bank’s gross margins were under pressure and assets under management had fallen.
Worst-Ever Annual Beating
Less than a year into the new job, media articles were sceptical at best and disbelieving at worst. A «Bloomberg» article said he was «finding it tricky to fill the shoes of predecessor Boris Collardi». Hodler’s supporters may well accuse the financial press of being biased towards his predecessor – Collardi is impressive in person and post his bold but successful acquisition of Merrill Lynch he became a darling of the media.
But the fact that the Julius Baer stock took its worst-ever annual beating in Zurich trading and will close the year out down as much as 35 percent, is hard to argue with.
Closing Down Offices
