The demise of Credit Suisse has also claimed the careers of numerous prominent financial figures in recent months. But it wasn’t just the big banks that saw remarkable changes at the top.

1. Credit Suisse – only Ulrich Körner remains

(Image: CS)

The dismissal of practically an entire management team is a rarity in the Swiss financial sector. But it is also not every day that a major bank fails: Following the forced sale of Credit Suisse (CS) last March, UBS appointed a new management team last May and June for the new combined major bank. In doing so, it almost completely dispensed with CS staff.

For Francesco de Ferrari, Head of Private Banking, who only joined the bank after the strategy change in November 2022, the wild ride ended with an advisory role. Head of Switzerland André Helfenstein and Head of Operations (COO) Francesca McDonagh were given temporary positions. The Head of Finance Dixit Joshi, David Miller, Co-Head of the CS Investment Bank, and Chief Legal Officer Markus Diethelm were already surplus to requirements at the time.

Ulrich Körner (pictured above) at least managed to stay on as head of CS, which is now a subsidiary of UBS. The 60-year-old German-Swiss finance professional, who took over as CEO of CS in August 2022, has since acted as a liaison between UBS boss Sergio Ermotti and the acquired bank.

2. Ralph Hamers: Missed out on the top job

(Image: UBS)

While Körner’s chances of leading the combined UBS-CS into integration were slim from the outset, Ralph Hamers (pictured above) might have thought he had a good chance. After all, the takeover of CS in March took place under his aegis. And it was not least thanks to his efforts that UBS was able to tackle the merger with the number two in Swiss banking from a position of strength.

However, UBS Chairman Colm Kelleher decided last April in favor of Sergio Ermotti from Ticino, who as former CEO had already achieved a turnaround at UBS.

With Hamers, who liked to appear in casual dress and sneakers, the bank has lost a digitizer; he might have succeeded in leading the Swiss colossus into a new era. This is no longer the case, at least in the medium term. Until 2026, UBS will be fully occupied with the integration of CS and thus with itself.

3. Urban Angehrn – the burden of the CS rescue became too great

(Image: Finma)

Supervision of CS at the Swiss Financial Market Supervisory Authority (FINMA) switched to «phase red» in the summer of 2022, the highest possible alert level. Just over a year later, Finma Director Urban Angehrn (pictured above) had to announce his resignation: After just two years at the helm of the authority, the constant strain had taken its toll on his health. Angehrn pulled the ripcord.

Angehrn leaves behind a Finma that faces more challenges than ever before: Around 60 employees are exclusively engaged in the supervision of the «new» UBS, President Marlene Amstad has been caught in the media crossfire; a successor for Angehrn has not yet been found - and at the same time the authority wants more power from the legislator.

4. Edmond de Rothschild: When the CEO leaves, the Baroness takes over

(Image: EdR)

CS was not the only place where things became chaotic last March. There was also a surprising turn of events at the Geneva-based private bank with an illustrious name: At Edmond de Rothschild, the previous CEO François Pauly (pictured above) resigned from his post with immediate effect; Baroness Ariane de Rothschild (pictured below) took over the operational reins in his place. This - after she took over the chairmanship following the death of her husband Baron Benjamin de Rothschild in January 2021.

(Image: EdR)

Pauly will remain with the Group, but it is still facing major challenges. In 2022, the company had to contend with a decline in profits, and 2023 has proven to be a challenging year for asset managers.

5. Postfinance: In search of the next «Housi»

(Image: Postfinance)

Hansruedi «Housi» Köng (pictured below) was at the helm of Postfinance, the banking subsidiary of Swiss Post, for twelve years. His time in office was largely marked by the negative interest rate era, which severely impacted the bank's business model, as well as the unsuccessful efforts to lift the ban on lending on Postbank.

Köng then announced his resignation last spring. But even after that, things were difficult for Postfinance: the announcement of his successor fell through at the last second. The bank now wants to announce a new CEO by the first quarter of 2024.

6. Andréa Maechler: The race for the SNB chairmanship will be run without her

(Image: SNB)

Her career was considered to be one of the most promising female careers in the Swiss financial sector, known as a male bastion. But last June, Andréa Maechler (pictured below) unexpectedly stepped down as Director of the Swiss National Bank (SNB) and took over the role of Deputy General Manager at the Bank for International Settlements (BIS) in Basel.

Maechler has been a member of the SNB Governing Board since 2015. She headed Department III of the SNB (Money Market and Foreign Exchange Trading, Asset Management, Banking Operations and IT) and was involved in several forward-looking projects, such as the future standard for instant payments and central bank digital currency (CBDC).

Nevertheless, she was not appointed as deputy to SNB Chairman Thomas Jordan in 2022, but Martin Schlegel was. Since then, the latter has been in pole position for the highest office at the SNB.

7. Zeno Staub: Two bosses are now doing his job

 

(Image: Vontobel)

An era also came to an end at Vontobel this year: that of Zeno Staub (pictured below). After 22 years at the investment house, including twelve years as CEO, he is turning his attention to new interests. However, it has not been possible for him to take move to the National Council this fall as a representative of the centrist party «die Mitte».

Under Staub's aegis, the traditional Zurich-based bank shifted its focus from investment and private banking to asset management, expanded in markets such as the USA and made various acquisitions, including the former Raiffeisen private bank Notenstein La Roche.

(Image: Vontobel)

The job of the manager, who was better known for his perseverance than his flamboyant appearance, will be taken over by a dual leadership: Georg Schubiger (pictured above left), Head Wealth Management, and Christel Rendu de Lint (pictured above right), Head Investments, will become co-heads of Vontobel. Staub will remain with Vontobel as a member of the Board of Directors.

8. Simon Grossenbacher: Representative of the new generation is out again

(Bild: Sound Capital)

His departure from Sound Capital was one of the last big surprises of the year: Simon Grossenbacher (pictured above) is leaving the large independent asset manager in Zurich at the end of the year to continue his career elsewhere. This comes after the 41-year-old former UBS banker took over as CEO only in June 2022.

Grossenbacher was seen as a representative of the new generation in the company, but also in the independent asset management (EAM) sector in Switzerland. Many players in this sector will be facing the question of succession in the coming years. In this respect, his abrupt change after such a short time also puts a damper on the entire profession.