Ermotti was noticeable by his absence but sources at the Swiss bank said it
was “business as usual” in the corporate hospitality lounge, attended by the
bank’s wealth management executives and investment bankers entertained
clients.
“Why should clients be punished for one fraudulent activity?” an insider said.
However as the party continued into the night, the internal and external
nomination process began to find a long term replacement for Greubel – a
process that could last two to three months.
In the meantime ex-UniCredit banker, Ermotti, considered a front runner in the
race for a permanent CEO, will take on the reorganisation of the investment
banking arm and the accompanying job cuts. This overhaul alone will take
several years.
A City analyst claimed it’s too early to speculate on redundancy numbers but
scaling back will be “significant”.