EFG International founder Lonnie Howell is to
step down as the bank’s chief executive as the Swiss private bank
grapples with challenging business conditions and the continuing
strength of the Swiss franc.
EFG has also issued a profit
warning. It expects net profit in the range of CHF140m – CHF160m
($167m-$191m) in 2011, compared to a target of CHF 200 million. The
bank blamed the net profit downgrade on the strong Swiss franc.
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Howell, who co-founded EFG International along
with Jean Pierre Cuoni in 1995, is to be replaced by John
Williamson, who has led its UK and Channel Islands business since
2002.
EFG International said the leadership change
comes as it reassesses its strategic options and wants to put more
focus on a disciplined approach to profitability.
Strategic review planned
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By GlobalDataEFG said Williamson would undertake a
strategic review of its business focussed on three areas:
- Streamlining the business structure as well
as organisational processes of EFG International following the
recent restructuring to four regional private banking businesses
and an asset management business - A focus on profitability and shareholder
value and a strong focus on individual business unit
performance - Ensuring EFG’s customer relationship
officer-centric model continues to attract high-quality
employees
Anthony Cooke-Yarborough, formerly managing
director of EFG Private Bank in the UK, replaces Williamson as UK
chief executive.
The appointments are subject to regulatory
approval.
