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Old 25.11.2021, 11:46
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Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

"A Swiss private bank in Geneva is appointing a 34-year-old as CEO. The move is a bid to keep up with the times."

I came across this story first on Linkedin. Honestly, if I were a client of this bank I would worry about a 34 year old with no previous management experience being appointed as CEO.

How can Finma approve such a blatant case of nepotism?

https://www.finews.com/news/english-...anello-sturzda
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Old 25.11.2021, 12:05
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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"A Swiss private bank in Geneva is appointing a 34-year-old as CEO. The move is a bid to keep up with the times."

I came across this story first on Linkedin. Honestly, if I were a client of this bank I would worry about a 34 year old with no previous management experience being appointed as CEO.

How can Finma approve such a blatant case of nepotism?

https://www.finews.com/news/english-...anello-sturzda
Whats the problem? The bank is 100% owned by Eric Sturdza. He can as the shareholder decide whoever he wants as a CEO. Installing your children at age 34 is not exactly a bold move for family companies, is it? Plenty of people of that age manage more than the 60 employees or so they have...
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Old 25.11.2021, 12:10
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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Whats the problem? The bank is 100% owned by Eric Sturdza. He can as the shareholder decide whoever he wants as a CEO. Installing your children at age 34 is not exactly a bold move for family companies, is it? Plenty of people of that age manage more than the 60 employees or so they have...
Managing 60 people at McDonalds and managing a private bank with 60 employees are two quite different things. Any problems which arise at a bank have a negative impact on the entire Swiss banking sector. Isn´t that why Finma exists, to ensure that banks are well run?

I can understand why AC Milan fans get excited when a they sign a youngster named Maldini but can the ability to run a bank be inherited in the family genes?
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Old 25.11.2021, 12:22
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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managing 60 people at McDonalds and managing a private bank with 60 employees are two quite differnt things.
Sure, nobody claimed that. So what age do you think a person needs to be to manage 60 people in a private bank? What education? What positions before? In short: what makes you think she is not as competent as any hired manager to do that job?
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Old 25.11.2021, 12:38
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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Any problems which arise at a bank have a negative impact on the entire Swiss banking sector. Isn´t that why Finma exists, to ensure that banks are well run?
The elephant in the room is Credit Suisse. Any objective measure that the 34 YO CEO will have a greater negative impact on the entire Swiss banking sector than CS?

Credit Suisse Is Sued Over Greensill Capital and Archegos https://www.swissinfo.ch/eng/credit-...hegos/46542046
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Old 25.11.2021, 12:43
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

They are an old aristocratic family....they function on nepotism.
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Old 25.11.2021, 13:08
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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They are an old aristocratic family....they function on nepotism.
They own 100% of the bank. Eric Sturdza is 78 and his daughter will at some point inherit the shop... how is handing over the family business to the next generation nepotism?
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Old 25.11.2021, 13:15
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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What education?
I would expect a degree from a leading internationally ranked university, not the "Lausanne Business School" which doesn´t appear in any rankings.
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Old 25.11.2021, 13:19
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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They are an old aristocratic family....they function on nepotism.
Yes, dumb kids that inherit working business and sink them cause a lot of pain for hundreds or thousands of people. F**k nepotism.

On the other hand, if somehow families can keep and grow money over centuries there might be something else beyond nepotism, proper education?. Or it just might be survivor bias. It's not a black and white situation.
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Old 25.11.2021, 13:23
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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I would expect a degree from a leading internationally ranked university, not the "Lausanne Business School" which doesn´t appear in any rankings.
FWIW, the only Swiss universities that appear on the top 100 are ETZH and EPFL.
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Old 25.11.2021, 13:29
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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Yes, dumb kids that inherit working business and sink them cause a lot of pain for hundreds or thousands of people. F**k nepotism.

On the other hand, if somehow families can keep and grow money over centuries there might be something else beyond nepotism, proper education?. Or it just might be survivor bias. It's not a black and white situation.
The bank was actually founded in 1985 by her father. It manages 6,5 thousand million CHF. 385 milion in deposits were withdrawn by customers last year.
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Old 25.11.2021, 13:52
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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I would expect a degree from a leading internationally ranked university, not the "Lausanne Business School" which doesn´t appear in any rankings.
There’s a lot to be said for first hand ‘on the job’ experience.
All the fancy education in the world won’t necessarily compensate for hands on experience.
She’s grown up in the family business she’s probably got a very good idea about how it all works.
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Old 25.11.2021, 14:07
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

what's the problem exactly. are you claiming she's incapable of managing 60 people because she's _only_ 34? 34 is well into adult maturity. when I was 34 i managed more people than that - in a bank.

Last edited by DL21; 25.11.2021 at 16:53.
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Old 25.11.2021, 15:06
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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The bank was actually founded in 1985 by her father. It manages 6,5 thousand million CHF. 385 milion in deposits were withdrawn by customers last year.
Do you know much about private banking? In bank AuM terms 6.5bn is peanuts. I personally know of someone who runs a business with 5x that AuM, has been doing so for a number of years and is 37-38. If I‘m not mistaken he started as an apprentice, doesn‘t have a degree and is highly likely to take the next step in seniority in the next months. Also has more than 60 employees.

Probably also best not to look at Iqbal Khan. From memory partner at EY at 32. Managing a division of Credit Suisse in his mid 30s and is now global co-head of wealth management at UBS and being tipped for CEO

Last edited by eyebeebe; 25.11.2021 at 15:17.
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Old 25.11.2021, 16:53
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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"A Swiss private bank in Geneva is appointing a 34-year-old as CEO. The move is a bid to keep up with the times."

I came across this story first on Linkedin. Honestly, if I were a client of this bank I would worry about a 34 year old with no previous management experience being appointed as CEO.

How can Finma approve such a blatant case of nepotism?

https://www.finews.com/news/english-...anello-sturzda
Do you know much about private banking... enough to fill the back of a matchbox perhaps..... do you know what a chief investment officer does?

It's a private bank, she has had plenty of exposure to their private clients and the bank must be confident that she enjoys the confidence of the clients otherwise they would not risk it.
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Old 25.11.2021, 18:18
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

She has likely grown up with banking in her blood as she followed her father's business and most likely met most of the HNW clients when they were invited to his house. Something private bankers do. So she will know most of the clients and most likely their heirs.

Private banking is very different to banking with the likes of UBS, and while 6.5bn is very small in the scheme of things it's a decent sum for a small private bank.

Not sure when you say .385 million if you mean 385,000 or 385 million, either way, many banks had large sums withdrawn after the March COVID crisis, so not at all unusual.

I wish her well and I'm sure she'll do an excellent job.
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Old 25.11.2021, 20:17
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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Not sure when you say .385 million if you mean 385,000 or 385 million, either way, many banks had large sums withdrawn after the March COVID crisis, so not at all unusual.
I guess you need to re-read, you seem to overlook the space in "CHF. 385". I read it like "It manages 6.5 bln. Further, 385 mln ..."

That said, the owners of a Swiss private bank used to be liable with their private wealth, that still applies to a few. Even in the case that this is one of the newfangled kind with limited liability, it's still owned by the management and each part-owner will want to preserve their personal wealth (and have it grow), none of them is just another manager without personal wealth at risk.
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Old 25.11.2021, 21:01
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

Far apart from banking sector, but all the managers I had to deal with throughout my life were highly incompetent. I sub-consciously started to believe that's the definition of a manager, an incompetent person. Nah, it doesn't differ with the age group.
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Old 25.11.2021, 21:47
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Re: Banque Eric Sturdza is appointing Michaela Zanello Sturdza as CEO

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Far apart from banking sector, but all the managers I had to deal with throughout my life were highly incompetent. I sub-consciously started to believe that's the definition of a manager, an incompetent person. Nah, it doesn't differ with the age group.
You need to earn more ;-)
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