The quintet prepared a large cellar. The Qataris wanted nothing less than to reinvent Swiss private banking with their private bank on Zurich’s illustrious Bahnhofstrasse.
For this they brought in a hundred people. Now is the end.
This morning the Quintet bosses informed customers and employees about their big failure. After piled up losses of around 100 million francs, it was over and over.
It is mainly the consultants and specialists who foot the bill. They left their old positions because they believed the Quintet bosses’ promise to take a long breath.
You see yourself badly deceived. The quintet bosses turn out to be managers of the sad kind. Big slogans tear, hardly show any performance. And now through the back door.
The bank is being shut down and a new port is being sought for customers. You don’t have one yet. And the 90 or so employees?
If you didn’t jump off in time, you have to see what will become of you. Not our problem, say the sheikhs and their quintet governors in the fine city on the Limmat, after they have put down their legendary bankruptcy.
The top of the quintet reveal questionable behavior around the crash. In the past few weeks they have put various employees on the street whom they had brought in especially for the big plan.
Including the entire Asia team, before that there were individual client advisors who had been terminated by the bank. In this way, you can still save some wage costs.
The CEO of Quintet Private Bank is responsible for the layoffs of ordinary employees shortly before twelve. He was flown in from Luxembourg, where he had previously commanded the Quintet bank there.
His name: Emmanuel Fievet. His mission: to get Quintet Switzerland to fly. In the spring of a year ago, the top man took over the helm after others had already flown out.
At that point in time, the Quintet project was already on the brink. Chairman of the Board of Directors Bruno Pfister, a Swiss man who has a reputation to lose, quietly moved away.
Fievet had to save what could be saved.
The Katari subsidiary took over the Bank am Bellevue and grew from scratch into a medium-sized private bank.
But where were the customers? The shops? Where should the income come from to at least halfway cover the skyrocketing expenses?
The quintet had leaked. The early death of Jürg Zeltner was tragic for the launch. The former UBS topshot enjoyed a good reputation in the industry. With the quintet he wanted to show what he can do.
Zeltner’s plan seemed brave – and it convinced many. But then something happened to Zeltner that had given him problems at UBS. He was betting on the wrong people.
Above all to an ex-companion from the old days at number 1, who comes from the far north. His name is Jakob Stott and, as head of wealth management, he was supposed to bring wealthy clients to the quintet.
Also particularly well-heeled from the ranks of UBS.
But the Scandinavian apparently couldn’t do that. Instead of landing hard, however, Stott was able to pull its head high from Zurich – as the new group CEO at the Luxembourg headquarters of Quintet.
It was in May 2020 when Fievet, the man from the head office, took over the helm. Instead of developing spring fever, Fievet quickly realized that he had taken on a Ascension Command.
The quintet had become a cash incinerator. Last chance: Loosen up some fresh money with the Qataris to get the bank up to speed with the fuel from the Middle East.
So Fievet, the CEO of Quintet Bank Switzerland, and Stott, the Quintet Group CEO in the Luxembourg Duchy, begged the sheikhs in wealthy Qatar for fresh millions. Many millions.
There is talk of 200. Much of it evaporated in no time at all. Quintet, the bank with the brutal burn rate. Now the Qataris had had enough. They did tabula rasa this week.
In this morning’s announcement, the leadership of the quintet speaks of two possible variants. The first is a sale of Quintet Bank Switzerland. Hardly anyone believes in that internally. Who wants to laugh at a bottomless pit?
The second is a “wind-down”. The bank is shut down: the customers disembark, the employees lose their jobs and, depending on the future, end up with the RAV, the license goes back to Finma.
Then the quintet is history. In the famous “Eidgenoss” at Bahnhofstrasse 13, hardly anyone will one day remember the mini-guest performance at maxi editions.