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Raiffeisen is facing a potential write-off of 500 million due to failed IT projects, including the costly replacement of the Finfox investment solution and a new e-banking system, each exceeding 100 million without delivering results. Despite promises of an agile transformation, the bank has fallen behind competitors, with CEO Heinz Huber involved in the decision-making process. A review in summer 2024 revealed the need for adjustments in project durations and scopes.
Moody"s has upgraded Raiffeisen Switzerland"s long-term deposit ratings, raising them from Aa3 to Aa2 and from A3 to A2 for unsecured long-term deposits. The bank"s financial strength has improved, driven by revenue diversification and increased corporate lending, leading to a stable outlook for long-term deposits and a positive outlook for unsecured deposits. Additionally, Moody"s upgraded the bank"s basic credit ratings and counterparty risk ratings, while confirming all short-term ratings.
Uwe Krakau has stepped down as COO of Raiffeisen Cooperative Bank after two years, leading to the abolition of his role. The decision follows a critical review of the bank"s strategy implementation, particularly the halted launch of a new app due to technical issues and internal tensions, notably between Krakau and Head of IT Niklaus Mannhart, who has since taken over project management.
Raiffeisen Switzerland has abolished the Chief Operating Officer role just two years after its introduction, following a critical review of the group"s strategy implementation. Uwe Krakau, who was appointed to lead this initiative, is leaving the cooperative bank as the responsibilities will now be distributed among existing departments to streamline processes. This decision contrasts with CEO Heinz Huber"s commitment to continuity in management.
Raiffeisen Switzerland is restructuring by dissolving its "Operating Service" department, which has been responsible for aligning Group strategy with operations and process optimization since 2022. As a result, the bank will operate with six departments from November 1, redistributing the former unit"s tasks among them. Uwe Krakau, the head of the dissolved department, will leave the bank as part of this reorganization.
Raiffeisen Switzerland is restructuring its organization by dissolving the "Operating Service" department, which was established in 2022 to align strategy with operations. Starting November 1, the bank will operate with six departments, redistributing the former department"s responsibilities. Uwe Krakau, the head of "Operating Services," will be leaving the bank as part of this reorganization.
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