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Hardly anyone knows IHAG. Unless you use his old name. Bührle-Bank, the money house of the legendary industrialist Emil Bührle.
His descendant is called Gratian Anda. He installed a CEO with a career from UBS and Cantonal Bank at the renowned bank IHAG. And this in turn makes the tabula rasa.
Yesterday IHAG announced it would cut “up to 20 jobs in all areas.”
It sounds a bit, but it’s almost a quarter of the entire bank. It employs 113 people, 27 of them part-time.
If you subtract them, there are 86 IHAG employees who work full time. If you now assume that the 20 eliminations affect the full-time positions, as these are the most significant, you will end up with just under a quarter.
That shows what is going on. IHAG slammed on the brakes.
“The measures introduced aim to adapt the structures to the new strategy,” says CEO Daniel Lipp. “Unfortunately, a downsizing cannot be avoided.”
What it does not say, but means: We are adapting to the new secret reality after taxes. And that means: fewer wealthy clients from abroad, less money for the bank, fewer jobs for employees.
IHAG is the latest case of a traditional private bank that is falling into a vortex. The Falcon Private Bank was caught in front of her. It disappears after the money laundering scandals.
The Falcon used to have more than 300 bankers on its payroll, but more recently there were still around 200. The future is uncertain after the loss of the banking license.
The grade stone that had already been forgotten was really large. The successor to the well-known Wegelin had around 700 employees in early 2012.
Today about 200 remain. They work somewhere in Vontobel, which Notenstein acquired 2 years ago.
EFG, another well-known private bank based in Zurich and with a large branch in Geneva, faces an uncertain future. There is a regular round in which the main shareholders want to sell the institute.
Until now, inherited problems and bleak business prospects have not made this possible. EFG continues playing, the stock is on the ground.
Flourishing Swiss private banking should have been reinvented a long time ago. The Americans and then the Germans, French and other Europeans ended their fight against tax evasion.
The decline of Falcon, IHAG, and others shows that Swiss noble houses did not make the leap into modern times. Her overseas clients moved their assets home, and there is not enough fresh money in Switzerland to replace them.
The crisis is spinning. Liechtenstein’s financial center as an atrium for Swiss banking is also losing importance. This shows the decline of two typical private banks: Bank Alpinum and Union Bank.
The Switzerland-Liechtenstein team, which had attracted clients from all over the world regions that had been wealthy for decades, stumbles upon sloping paving stones. The impact is yet to come.
