and saving 200 million francs.
One of the oldest banking institutions in Switzerland, Bank Leu in Zurich, appeared in 1755. He founded his city treasurer, and thereafter
burgomister Zurich Johann Jacob Loy, called "Percentage Commission Loy and Company." This highly successful bank owned by the city, in 1798 it was privatized, to be saved from confiscation by the French (Switzerland then came under French control when creating Helvetic Republic, which existed five years, until 1803). In the glorious history of the Bank Leu was much, including lending and expeditions for slaves in Africa, and then control the profits from these military campaigns. That in the 18th century was not considered immoral, and even today almost casts no shadow on the reputation of this proven money-vault over the centuries ...
Over Leu in Switzerland - some members of the Association of private banks, such as Wegelin & Co, whose history dates back to 1741, Rahn & Bodmer Co. (1750), but the banks Lombard Odier Darier Hentsch & Cie (1796) and Pictet & Cie (1805 creation) - younger.
[Office of the "Lion of the bank" in Zurich] Office "lion bank" in Zurich back to the present day. In 1990, one of the oldest Swiss bank was bought second-largest bank in the country, a giant Credit Suisse. And in 2007, has undergone a merger into a single group with four other small private banks: Clariden, Leu, Hoffmann, Luhansk BGP Banca di Gestione Patrimoniale Bank and SC Fides. Formed as a result of the structure was named Clariden Leu. This kept the "lion" and the symbolism of Leu's name, allowing the new owner is proud to announce the preservation and development of the traditions of Swiss banking.
In March of this year Claridan Leu was replaced by the president - like the newspaper Le Temps, - Olivier Zhake replaced Hans Nyuttsi led a group of 1,700 employees in 15 banking offices (representative "Clarida Loy" exists in Russia). In July, there was a new restructuring, which resulted in the bank has cut 130 employees. And now the president Zhake also leaves his place. He was replaced by Hanspeter Kurtsmayer, whose task will be complete and final integration Claridan Leu at Credit Suisse.
A full entry of Clariden Leu in the Credit Suisse announced on November 15 at a press conference in Zurich, Hans-Ulrich Meister, president of the Directorate of the Department «Privat banking» Group Credit Suisse.
[Hans-Ulrich Meister announced the full and final integration of the bank Clariden Leu in the Credit Suisse.] Hans-Ulrich Meister announced the full and final integration of the bank Clariden Leu in the Credit Suisse.Zachem need this integration? And most importantly - it is now, and not a few years earlier or a decade? And finally, how to cross out the existence of one of the oldest subjects of Swiss banking area, Bank Leu? The reasons are clear: efforts to regulate the international banking system (in other words, an active fight against bank secrecy, "black" and "gray" list of financial paradises). And also the weakness of the global financial market, the passivity of clients who do not want to buy more securities. And the high Swiss franc, leading to melting of client accounts opened in dollars and euros ...
"Since last March the situation is completely changed," - said Meister. He is convinced that such banking division, as wealth management, destroyed irreparably and permanently. Prospects for private banking in Europe "frosty", according to Meister, and will continue for many more years. Interest rates remain low, and the strong franc adversely affects not only the income of the Swiss export industry, but also on the work of private banks.
Layoffs will affect not only those who are working today in the Clariden Leu. This is part of an extensive program of savings and staff reductions, according to Credit Suisse which will reduce the number of employees in the world at 3,500 people - said Meister. Reductions in the old bank will begin in December 2011. All staff working with clients in the Clariden Leu, find new places in the "mother" to the bank in April 2012. The rest will be notified of the reduction for 7 months before the end of work and then have to be dismissed on the priority of the device to work in all structures of Credit Suisse. Integration costs amounted to 130 million francs. Reductions will be held in all 15 departments of the bank in different countries, but most of them planned in Switzerland. Recall that in summer there have already been laid off 130 people, so that the new 550 will increase the army has temporarily unemployed bankers. Among them is the director of Clariden Leu Zhake Olivier, who, in the opinion of management, performed well in the strengthening of the bank, but is not suitable for the integration process.
[Part dismissed promised jobs in Credit Suisse] Part dismissed promised jobs at Credit SuisseEto bring 200 million francs in savings per year. Which corresponds to a quarter of the Head of Credit Suisse Brady Duganov amount of 800 million francs, which should save on the private banking sector.
«Clariden Leu fancied himself as a boutique, in which the customer can choose a variety of personal services. The client is not ripe for a proposal. The bank could not even make a profit from the crisis, which was subjected to UBS! Product of a merger of five different banks, Clariden Leu has not been able to combine in a different banking cultures and working styles. Exclusively international - banks Clariden, a few years to increase the funds in his administration, from 2 to 60 billion. And much more traditional - Bank Leu, a venerable Swiss banking institutions. That Credit Suisse as the owner of organized and carried sunset Claridan Leu », - summed up bitterly newspaper Le Temps.
During his time with our Gazety.ch 2007 is - the first merger and acquisition of banks in Switzerland. But on the other current events in Swiss bank accounts, read our dossier: "Will the financial Switzerland paradise?"
