The longtime chief executive of Rothschild private bank in Zurich is stepping down and will be replaced by the scion of a banking family.
The 48-year-old Veit de Maddalena, who has managed Rothschild Bank the past ten years, will be replaced by Laurent Gagnebin, currently the bank's head of Swiss private banking effective next week.
De Maddalena, who Rothschild said had initiated his own succession planning two years ago, will become an executive vice-chairman at the bank.
Banker From Geneva
The new boss, a 40-year-old Genevan is a son of prominent Swiss banker Georges Gagnebin who worked for UBS and Julius Baer in the past. Laurent Gagnebin joined Rothschild from Investec's Swiss unit and has also worked at Goldman Sachs.
«Laurent Gagnebin has demonstrated distinct leadership while managing our clients’ business in Switzerland and we are delighted that he will be steering this important area of our wealth management activities from now on,» Rothschild Chairman Bruno Pfister said in a statement.
Period of Growth
Under de Maddalena's tenure, Rothschild grew from being a bank largely devoted to the financial affairs of its namesake family into one forced to seek new business in order to survive in a far tougher environment for private banks. It now manages almost 25 billion Swiss francs.
Last June, Rothschild agreed to pay an $11.5 million fine in the U.S. as part of a non-prosecution agreement for its role in helping wealthy Americans hide funds from the taxman.
