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Christian Meissner was available. The former leader of the giant Bank of America was eager to return to the top league.
Now Thomas Gottstein offered him the opportunity. The CS boss made Meissner his new star. The 51-year-old is supposed to sell the investment bank’s products to the wealthiest private clients of the big bank.
Meissner was still very happy to quit her VR job at Julius Baer after a few months. The task was just a stepping stone to higher things.
Meissner could go even higher in the near future. Internally, he is negotiated as the next head of IWM.
I’m talking about International Wealth Management, the division that exploded like a rocket under the command of former boss Iqbal Khan.
Khan gave a boost with loans: gasoline to trade. And it brought in clients with a lot of money, but also risks and a corresponding compliance effort.
When Khan jumped to UBS, his CFO took over. His name is Philipp Wehle, a German who is well received by everyone and knows a lot about numbers.
But in business, according to one source, he’s overwhelmed. Wehle has to cut costs and realign the IWM at the same time. That is why it fails, it is said.
Meissner is now in pole position to inherit Wehle. It’s just a matter of time, says a source.
Gottstein continues to demand a large amount of new money and strong earnings from Wehle. But because business at the IWM sank during the spring crisis, it will be difficult.
They threaten credit losses and lawsuits. At the same time, the costs are high.
It has to do with Khan’s legacy. The Shooting Star introduced so-called Strategic Customer Partners, or SCPs for short. They enjoy maximum freedom with huge salaries and bonuses.
What they actually bring to the bank is controversial. A source speaks of the general managers of the breakfast.
One of the driving forces behind the construction of the expensive SCPs is Babak Dastmaltschi. For Khan, CS’s international private banking workhorse was the man who attracted consultants with the big names on earth.
Now Gottstein places his new hope, Meissner, alongside Dastmaltschi. The two act as co-directors, advising the super-rich on all aspects of the investment bank’s products and services.
