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With the almost synchronous change of management at the top of UBS and Credit Suisse, the two major Swiss banks are embarking on very different journeys. That could unlock enormous potential – and create clear conditions.
With the surprising announcement by Ralph Hamers As the new CEO of UBS, comparisons to its former employer, the ING Group, were quickly drawn in specialist circles. But the view of the much smaller institute from Holland falls short.
The major Swiss bank is significantly more competitive with the local competitor from Zurich’s Paradeplatz, Credit Suisse (CS) – where there was also a change of management at the top a few days ago: The Swiss Thomas Gottstein dissolved the Ivory-French dual citizen Tidjane Thiam from.
More and more similar
Admittedly, the CS is also smaller than the UBS, but its orientation is much more comparable to that of the ING. Even more, in the past few years the two institutes have become more and more similar in their strategy – probably even stronger than ever before. Both companies consistently rely on wealth management for very wealthy private individuals, i.e. wealth management, while reducing their resources in American-style and riskier investment banking.
In addition, both groups maintained and maintain strong domestic business. However, the two banks found that their strategy was unable to convince investors very much. The shares of the two institutes are listed at a fraction of what they were worth twenty years ago.
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