Romeo Lacher has quietly advanced to a new statesman for Switzerland’s financial center. finews.asia on how Credit Suisse veteran hit his stride after leaving the Swiss bank.

Julius Baer’s CEO succession and a messy regulatory clear-out following a money laundering scandal, redoing the staid Swiss stock exchange operator’s strategy into an international one, and a linchpin of oversight for Switzerland’s central bank – Romeo Lacher has had his hands full since 2017.

Little-known outside of financial circles and regularly underestimated, the Swiss banker owes his current job variety to a nearly 30-year career at Credit Suisse. In hindsight, the 61-year-old banker began tapping his full potential outside of the bank where he had begun his career in direct marketing in 1990. 

Iqbal Khan's Team

Put on management track by the Swiss bank in the late 1990s, Lacher worked his way up through trading and later its private bank. He oversaw the private bank's operations and product management for seven years before capping his career as Iqbal Khan’s operating chief at the international wealth unit set up in 2015.

He is described by those who have worked with him at three firms as hugely professional, detail-oriented, and accessible. Lacher – who holds a PhD in economics from St. Gallen’s prestigious business university – left Credit Suisse in 2017 amid a personal setback.

By that time, he had gathered considerable outside experience from 2002 on, when he joined the board of Swiss financial information provider Telekurs (now part of SIX). He went on to represent Credit Suisse on the board of SIX, Switzerland’s exchange operator, where he was vice-chairman from 2008.

Kickstarting Bold Strategy

Though Lacher had always been a vocal, driving force at the bourse, a strategic plan mid-way through his tenure as chairman 2018 was his breakout. Known for being impeccably prepared and precise, Lacher quietly, quickly rolled up his sleeves and got to work.

SIX – previously not known for bold strategic moves – would sell its cash-cow payments arm and embark on an internationalization strategy. Fellow SIX directors Sabine Keller-Busse, UBS’ operating chief; Credit Suisse trading executive Urs Beeler, and Juerg Buehlman, then Zurich cantonal bank’s technology boss were instrumental.

Acquisition And Digital Venue

The Zurich-based venue tapped Euronext operating chief Jos Dijsselhof for the strategy. It has led to the acquisition of Spain’s stock exchange, Bolsas y Mercados Españoles (BME), building a digital asset bourse which won regulatory approval in August, and breathing new life into its sleepy financial data arm under ex-Refinitiv executive Marion Leslie.

Then, Lacher surprised everyone by taking the top board post at Julius Baer in 2019: the private bank had lost CEO Boris Collardi 13 months before to Pictet and was beginning to search for a more permanent successor than Bernhard Hodler, who had briefly taken over.

Spearheading C-Suite Search

Lacher quickly set out leading the CEO search, together with Charles Stonehill, a British former investment banker who co-chaired Julius Baer for years. Philip Rickenbacher won the job several months later, outpacing several other internal candidates including Yves Robert-Charrue and Nic Dreckmann.

Both Robert-Charrue and Dreckmann are still with the 131-year-old wealth manager – in large part because Lacher spearheaded a search that was internally largely perceived as fair and open and was instrumental in a deftly-handled retention plan for the two erstwhile candidates.

In meetings with top executives, Lacher stands out as demanding but supportive of strategy. He is down-to-earth, with little of the «flash» factor that frequently accompanies Paradeplatzers.

Venezuelan Wealth Clean-Up

Lacher’s first two years overseeing Julius Baer were also marked by a regulatory clear-out from its involvement with PDVSA. Rickenbacher and risk chief Olivier Bartholet, poached from UBS in 2018, enjoyed Lacher’s full backing through the grueling, costly process, dubbed «Atlas».

«You would have to look hard to find someone who has anything bad to say about Romeo Lacher,» a Zurich-based financial services consultant notes with a laugh. Associates note Lacher can be somewhat technocratic but is increasingly comfortable sporting a more impulsive and spontaneous side.

Search For Swiss Policymaker 

This may be because Lacher has reached the pinnacle of his career, though he remains the Swiss financial center’s best-known secret. He is vice-chair of the council which oversees the Swiss National Bank.

For 2022, his side hustle will heat up: The SNB’s nomination committee – where Lacher sits – is set to propose a new governing board member in what as seen as indicative of who will eventually replace long-time president Thomas Jordan.