Falcon Private Bank's new CFO, Matteo Maccio, has told Citywire Switzerland that he left his post as CRO of Banque Cramer because of changes being made by CEO Cédric Anker.
Specifically, Maccio referenced Anker's decision to relocate teams to Geneva, as well as a committee reshuffle.
Maccio said: 'In October 2017, Cédric decided that basically all functions that were not client-facing had to be centralised to Geneva. Some exceptions were allowed for my teams, but it impacted all of us.
'Furthermore, Cédric changed almost all of the Executive Committee members. I was the only member of the old Executive Committee who was allowed to stay in my function, despite the fact that I was based in Zurich and not Geneva.
Ultimately, Maccio said he saw his situation as not being 'sustainable in the longer term'.
Maccio said that he applied for his new role as CFO of Falcon Private Bank upon hearing the news of Urs Zgraggen's resignation in March 2018.
He said: 'I immediately applied as I am absolutely convinced that Falcon Private Bank has a great potential and will be able to position itself to be very successful in the future.'
Maccio also said that Falcon's difficult past did not discourage him from making the move. 'Many Swiss private banks struggle with their past and with the old business model,' he said. 'Falcon has resolved its legacy issues, has appointed a new management team and is working hard to create a new and solid basis for its future.'
Anker joined Banque Cramer in October 2017 after leaving his position as co-head of wealth management at Mirabaud. He could not be reached for comment.