Banking Veteran: «UBS Wouldn't Be The Same in Singapore»
Rodolfo «Rudi» Bogni looks back on a remarkable banking career — and remains sharply attuned to the present. In conversation with finews.asia at London’s Athenaeum Club, the former head of UBS' private bank reflects on Switzerland’s role in the world, the challenges facing private banking, and his enduring skepticism toward cryptocurrencies. Bogni also shares his view on the current debate over UBS potentially relocating from Switzerland.
finews.asia met the Italian-born banker Rudi Bogni at one of his favorite London venues, The Athenaeum Club, where he has been a member for nearly three decades. Later that day, the 77-year-old would join a Bitcoin event at the club – a sign that his interest in financial and societal developments remains as sharp as ever.
We sit with him in the Club’s stately «Drawing Room,» its name belies the fact that it’s actually a very large sitting room. Just beyond lies the Club’s impressive library – a century-old collection of well-thumbed volumes, many bound in cracked leather. The Athenaeum itself carries that same aura: an unmistakable, timeworn elegance that whispers of history and intellect.
Bogni’s career spans the most interesting decades in modern banking. He led the UK operations of what was then Bankverein – now UBS – during the 1990s, a time of bold moves into derivatives and the headline-grabbing acquisition of Warburg. From 1997 to 2000, he served as head of Swissbank’s and then UBS’s global private bank.
In the interview, the former banker talks Swiss banking, UBS’ connection to Switzerland, Bitcoin and his growing concerns about the West’s current trajectory.
Mr. Bogni, you were born and raised in Italy, spent your career in London, and now divide your time between the UK and Bottmingen near Basel. How do you see Switzerland today?
Switzerland is and will remain a great country. What people sometimes romanticize, though, is the idea of sovereignty – it hardly exists anymore. Even Donald Trump’s attempts to disconnect the global economy won’t work in a meaningful way. The Swiss economy has always been split: one leg tied to the Eurozone, supporting SMEs that operate within a 400-kilometer radius of the border; and another leg linked to the dollar, covering finance and pharma. These two worlds must coexist politically, which naturally creates tension. The cohesion of Swiss society – despite those tensions – is what makes it so strong. It allows Switzerland to play a role far beyond the size of its population or even its economy. But that cohesion needs to be preserved. It was built over centuries and isn’t guaranteed – petty debates about CEO salaries don’t help.
«Switzerland must remain relevant to these new wealth creators.»
Let’s talk about Swiss private banking. It has lost global market share in recent years.
There were always two models: the US model based on brokerage – where the goal is to generate activity and fees, regardless of the client’s interest – and the Swiss model, which was more advisory, with the client’s interests at the center. When banks drift toward maximizing volume at the expense of the client, that’s dangerous. That’s not what the Swiss brand was built on. Secrecy was never the foundation – trust was. When I was at UBS, I pushed for creating booking centers around the world to better serve tax-compliant clients. It was probably too early – maybe it even cost me my job. That said, the global tax landscape has changed and today, you can serve compliant clients from Switzerland itself.
And what about global wealth creation – is Switzerland still in the right place?
That’s the key issue. Today, most new wealth is being created in the US and Asia. Europe is stagnating, particularly in technology – what used to be 30 percent of market cap is now under 10. Switzerland must remain relevant to these new wealth creators, and that may mean looking further afield, culturally and geographically.
«We were more looked at like the pirates rather than the gnomes..»
Can Switzerland attract someone like Elon Musk?
Probably not – he’s very US-centric. But the next generation? Yes. The children of US and Asian billionaires are less focused on empire-building and more culturally open. They might be drawn to the Swiss proposal.
The talk of the day is rumors about UBS leaving Switzerland due to increased political pressure.
For me, it’s hard to imagine that happening. The bank’s image is inseparably intertwined with the trust Switzerland enjoys as a country. UBS, especially its private bank, would not be the same if based in London, Singapore or New York.
Back to your career: When you joined UBS in London in 1990, then Bankverein, the office was losing money. How did you turn it around?
It was part of a broader transformation. While I was running the London office, Marcel Ospel led us into derivatives through the acquisition of O’Connor in Chicago. We also acquired an asset manager there and brought key staff to London. We replaced most of the old team – who were focused on small lending – and brought in high-quality investment bankers. Then, in 1994, we bought Warburg.
How did the British establishment react? Weren’t Swiss bankers mocked as the «gnomes»?
We never felt that directly. The old Bankverein, yes – they tried to become part of the establishment. But we weren’t trying to be establishment, we were more looked at like the pirates rather than the gnomes. We were doing bold deals – like M&A transactions based on contracts with differences, which were entirely new back then. When we bought Warburg, it was seen as a surrender of the traditional British banking elite.
«But in reality, people don’t make life decisions based on tax alone.»
You’ve stayed close to London. What draws you to the city?
London is endlessly stimulating – music, theatre, intellectual life. Even last-minute, I can go to a concert at the Royal College of Music. At the Club, I love the long table: you sit down and suddenly you’re having lunch with a former ambassador, a philosopher, or a venture capitalist. There’s diversity of thought, not just background.
Tell us more about this long table.
It’s like a Stammtisch. No reservation – just show up, sit down, and start talking. It can lead anywhere. The club has more than 50 Nobel Prize winners among its historical members. I joined after leaving UBS, once women were allowed as members. Before that, I found the old policy a bit odd.
What’s your view on the UK today? We hear many wealthy people are leaving.
Every time non-dom taxation comes up, people panic. But in reality, people don’t make life decisions based on tax alone. Yes, some Russians left – but generally, wealthy individuals still appreciate the UK’s quality of life. The bigger challenge is immigration. The UK depends heavily on migrants – especially the universities. But the shift from Eastern European migration to South Asian migration has strained the social system.
«Sometimes I ask for cash just to annoy the bank.»
What’s your long-term outlook for the world – are you pessimistic?
Demographics are the biggest concern. If birth rates continue to fall, Europe could lose half its population in a generation. China faces the same issue. An aging, shrinking population needs pensions, healthcare – and yet the economic base to fund all that is eroding. Meanwhile, politics only looks 12 months ahead. We need cooperation among the countries, but it’s lacking. So, yes, I am a bit pessimistic. Well, you're not really pessimistic – otherwise you stop living.
Finally, Bitcoin. Last time you spoke to finews.com, you said you preferred gold in your pocket. Still true?
Absolutely. I believe we need central bank digital currencies – they’ll be essential for the modern infrastructure. But I struggle with cryptocurrencies. If I already have trouble trusting state currencies, how should I trust something metaphysical? Bits and no bits? It’s not for me. But I understand others want to speculate or invest – I wish them luck.
What about surveillance concerns with central bank digital currencies?
That’s a real risk, especially in authoritarian states like China. But total surveillance isn’t realistic – it’ll be algorithmic and rules-based. Spend too much gambling, you get flagged. It’s automated enforcement, not individual scrutiny. But even in democracies, the intrusion is real. Here in the UK, ask for 4,000 pounds in cash and the bank interrogates you. Supposedly for money laundering or fraud protection. Sometimes I ask for cash just to annoy them. When they ask what for, I say: «So you don’t know how I’ll spend it.»
The 77-year-old Italian Rodolfo «Rudi» Bogni lives today in London and Basel. He began his banking career in the early 1970s at Chase Manhattan Bank. Later, he served as treasurer of Midland Bank, head of UBS in London, and ultimately CEO of UBS’s global private banking. For over twenty years he was a board member of Kedge and Waypoint (Bertarelli family) and retired at the end of 2024 as a member of the Liechtenstein princely foundations, having served also on the board of LGT. Bogni was also a member of the executive committee of the CSFI (Centre for the Study of Financial Innovation), chair of the advisory board of Oxford Analytica, and member of the Council of Shakespeare’s Globe Theatre. He is a member of the Securities Institute, of the London Mathematical Society as well as the Association of Basel Economists.
