ZKB Shakeup Signals Shift from Performance to Patronage Under baumann
Zurich, Switzerland – A wave of early retirements and strategic replacements at Zürcher Kantonalbank (ZKB) is raising concerns about a potential shift in priorities under CEO Martin Baumann, favoring internal connections over demonstrable results. The recent moves, detailed by Inside Paradeplatz, suggest a move away from a “professional” banking culture toward one prioritizing “cozy warmth” within the bank’s upper echelons.
The changes impact key leadership positions, including the early departures of colliery head Schenk and product boss Daniel Previdoli – both described as “banking slaughterhouses” – and the retirement of investment banking chief Stephanino Isele, replaced by a Raiffeisen veteran. These personnel shifts culminate in a reshuffling of the general directorate, creating space for CEO Baumann’s preferred candidates. The implications extend beyond ZKB, perhaps signaling a broader trend within Swiss banking toward prioritizing established networks over aggressive performance.
Notably, Iwan Deplazes, head of asset management under the Swisscanto brand, remains sidelined despite consistently outperforming competitors wiht his fund business. Deplazes’ exclusion is attributed, according to Inside Paradeplatz, to his background and persona – described as a “Macho-Stier” hailing from the traditionally conservative canton of Uri.
The pattern of appointments and departures fuels speculation that loyalty and regional affiliation are increasingly valued at ZKB, potentially at the expense of merit and a competitive drive for the “best argument.” This shift, if confirmed, could reshape ZKB’s trajectory and influence the dynamics of Switzerland’s banking landscape.
