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Credit Suisse has made many deals in the Swiss business of UBS. But now there is a great weakness in the CS flagship area. There is a shortage of young talent.
The find becomes surprising with today’s appointment of Andreas Gerber. Andreas Who ?, many ask.
The banker has been part of CS since 1989. They are 31 years old, practically his entire professional life. Gerber was previously responsible for SMEs within CS Switzerland and there for corporate clients.
Now Gerber is rising to lead the entire corporate client business. There he replaces Didier Denat, who as an investment banker was in the wrong place with his knowledge of the capital markets.
Denat was already on sick leave; It is reorienting itself, as the CS announced this morning.
If Denat wasn’t in the right place, but had an ability in his field, many wonder what qualifies Andreas Gerber for his new top job.
This is how Gerber leaves the works in its area of SMEs. The most important is the management of the Zurich market. The job holder recently had to leave there, his place is still vacant.
In Zurich of all places there is now a gap. Andreas Gerber was once the same responsible area manager. When he rose to the head of SME, he named the banker now on board as his successor.
According to an informant, this was too late. Although it has long been clear that this was an incorrect quote, Gerber had waited with a decision.
In the eyes of such critics, Gerber is now taking too big a step to promote the Swiss corporate banking business.
Others see tanners as unknown outside the industry, but even more talented.
Its climax was the Covid rescue operation for the many Swiss SMEs in the spring.
The NZZ am Sonntag dedicated a great story to Gerber after he established the Covid 19 rescue operation on behalf of CS CEO Thomas Gottstein.
It all started on March 10 with a call from Gottstein to the then head of SME, the newspaper wrote.
“’We have to do something for Swiss SMEs,’ he says, outlining a vague idea. Banks should make interest-free loans to companies to keep them afloat despite the lockdown. “
Gottstein said he wanted a proposal on the table “tomorrow morning,” and then asked Gerber how he would “structure” the loans if he were “the Swiss government.”
Then the head of SME stepped on the gas. “Gerber works through the night with his team and outlines a plan on two A4 pages that will result in 40 billion bridging loans.”
Gerber, the dynamic and experienced corporate customer manager? Or a tanner who ends up with oversized shoes?
If the latter is true, then the problem is not with the winner, but with the boss. His name is André Helfenstein and he recently became famous with the closing of the Neue Aargauer Bank NAB.
Helfenstein must keep the Swiss area under control. This had always shone with record earnings in the past.
In February, the new head of Switzerland succeeded Thomas Gottstein, who had been promoted to the group’s CEO after the scandal.
Previously, Helfenstein was responsible for institutional issues within the Swiss division.
Obviously, Helfenstein lacks strong young talents. “The talent stream has been depleted,” said a source. That shows today’s promotion.
Once CS was considered a talent pool, today there are gaps. Where have all the No. 2 youths gone on the field?
The question is also directed at Thomas Gottstein. The current CEO ran CS Switzerland from 2015 to early 2020. Part of his job was to attract good people.
Now the ceiling on powerful bankers has been lowered, and Gottstein’s front men like Anke Bridge have skyrocketed up the career ladder, but they are not coming from the business.
