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VP Bank is facing significant turmoil, with profits plummeting over 50% to just under 19 million in 2024. CEO Mara Harvey has been dismissed, and two experienced customer advisors from the offshore division have resigned, raising concerns about the bank's future under operational-focused leadership. The management's inability to stabilize the situation has left many questioning the direction of VP Bank.
VP Bank is implementing drastic cost-cutting measures, including layoffs and the cancellation of executive bonuses, following a 58% drop in group profit for 2024. The bank aims to enhance revenue in 2025 by focusing on its core regions and launching growth initiatives, while also addressing the cleanup of customer relationships linked to Russia. Two new board members, Stephan Ochsner and Barbara Ofner, will be proposed at the upcoming General Meeting.
Urs Monstein has been appointed as the new CEO of VP Bank, having served as interim CEO since May. The Board of Directors highlighted his extensive experience in the financial sector, which positions him to drive cost efficiency and growth. Additionally, key management changes include the departures of Roger Barmettler and Mara Harvey at the end of 2024, with new leadership roles established within the Group Executive Management.
Urs Monstein has been appointed as the new CEO of VP Bank Group, having served as interim CEO since May 2024. His leadership comes amid a reorganization that includes the departure of CFO Roger Barmettler and CEO of VP Bank (Switzerland) Mara Harvey, both of whom will remain until the end of 2024 for a smooth transition. The bank is focusing on enhancing client-related processes and market positioning through its new executive structure.
Urs Monstein has been appointed as the permanent CEO of VP Bank after serving in an interim capacity since May 2024. The bank is undergoing a reorganization, with key departures including CFO Roger Barmettler and CEO of VP Bank (Switzerland) Mara Harvey, as it aims to enhance client alignment and strategic transformation. Monstein emphasizes a focus on creating value for clients while maintaining cost discipline amidst recent challenges.
VP Bank has appointed Urs Monstein as CEO following Paul Arni's departure, while CFO Roger Barmettler and CEO of VP Bank (Switzerland) Ltd, Mara Harvey, will leave by the end of 2024. The bank is realigning its structure to enhance client focus and strategic transformation, with a reported net profit of SFr11.5 million in H1 2024 and an 8.8% increase in client assets under management.
VP Bank has appointed Urs Monstein as CEO following Paul Arni's departure, while CFO Roger Barmettler and CEO of VP Bank (Switzerland) Ltd, Mara Harvey, will leave by the end of 2024. The bank is realigning its structure to enhance client focus and strategic transformation, with a reported net profit of SFr11.5 million in H1 2024 and an 8.8% increase in client assets under management.
Urs Monstein has been appointed as the permanent CEO of VP Bank after serving temporarily since May 2024, succeeding Roger Barmettler and Mara Harvey, who are leaving for new opportunities. The bank is reorganizing its structure to enhance client alignment and strategic transformation, with Monstein also overseeing the International Locations unit. The Board aims to improve cost efficiency and growth amidst recent challenges.
Urs Monstein has been appointed as the new CEO of VP Bank after serving as interim CEO since May. The Board of Directors selected him for his extensive experience in the financial sector, and he will lead the bank's strategic initiatives for cost efficiency and growth. Additionally, key management changes include the departures of Roger Barmettler and Mara Harvey by the end of 2024, with new leadership roles being established within the Group Executive Management.
Mara Harvey, head of VP Bank in Zurich, has officially resigned amid a crisis at the institution, with many experienced staff leaving for competitor EFG. Her leadership faced criticism for favoritism, particularly towards former colleagues, and the bank is now under the interim CEO Urs Monstein, signaling potential downsizing and a focus on cost efficiency.
Stephan Zimmermann
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
vp bank faces turmoil as profits plummet and management changes ensue
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