Cie. Lombard, Odier SCA, Geneva’s oldest bank, appointed Hugo Baenziger, a former chief risk officer at Deutsche Bank AG, as a managing partner.
Pictet and Lombard Odier, Geneva’s biggest private banks, plan to reorganize their structures in a move that may presage the end of Swiss bankers assuming unlimited personal liability for losses.
Swiss banks will reach final settlements over tax disputes with the U.S. by 2015, according to Patrick Odier, chairman of the Swiss Bankers Association.
Switzerland is nearing a solution with the U.S. on tax matters, said Patrick Odier, chairman of the Swiss Bankers Association, after Wegelin & Co. was forced to sell its business under pressure from the U.S. investigation.
"Our group is increasingly diversified, more international and more balanced between private and asset management clients and we are expanding our partnerships with financial services providers."
- Patrick Odier on Aug 27, 2014