Another commitment is sponsorship. Recently there’s been debate over the Zurich Film Festival versus Allianz Cinema at the lake. Why stick with the latter?

ZKB is involved in over 400 sponsorship projects and invests a double-digit million amount. Decisions lie with the bank’s chairmanship, not the executive board. Once the engagements are in place, we of course use them for our clients. Personally, I find both attractive. This year, I again invited clients to Allianz Cinema at the lake and they were all very enthusiastic. The Zurich Film Festival would surely also be popular. We have many different clients with different preferences, and it’s good to have a broad range of options for inviting them.

Looking ahead: what are your strategic goals for the next five years?

We want to build on our success and continue to grow. With the realignment from November and the focus of segments, our unit will orient itself even more closely to the needs of clients with assets from 1 million francs. At the same time, the Investment Solutions area and the CIO Office will be integrated into Private Banking. That means we will newly be responsible for the bank’s investment competence.

What advantages does this integration bring?

Investment Solutions encompasses our CIO’s expertise for clients as well as the implementation of the investment strategy. That is very valuable for us because it allows us to put investment competence even more at the center. In private banking, it is a key growth driver. We want to further strengthen balance-light growth — i.e., via investments rather than loans. Of course, as a universal bank we will continue to do lending, but for balance-light growth in wealth management it’s essential to expand and showcase our investment competence.

What priorities do you want to set within Investment Solutions?

I don’t influence the bank’s market view — that must remain independent. Strategically, what matters to me is that we advise clients on their investment strategy and make implementation efficient. We are convinced discretionary mandates are the right solution for very many clients. The client defines a strategy, and the bank implements it. The big advantage: emotions are taken out of the equation. For example, when markets correct, you have to buy to maintain the equity quota; when they rise, you have to sell. It feels counterintuitive, but it prevents being driven by emotion. I am convinced that sticking to a systematic investment strategy pays off in the long run.

«I am convinced that sticking to a systematic investment strategy pays off in the long run.»

We also offer solutions for clients who want regular advice and to make their own investment decisions. For that we have around 20 experts in private banking and are expanding the offering. But strategically, it’s clear: we want to further expand and focus on the discretionary business.

Close links between private banking and asset management raise questions about conflicts of interest. How do you address them?

This is clearly structured organizationally. Asset Management belongs to the Institutional & Multinationals unit, while Investment Solutions sits within Private Banking. In addition, governance ensures an independent market view: the Investment Committee is independent of Asset Management and defines the market outlook. Product selection is handled by a separate, independent team with clear criteria. Swisscanto funds can be part of a solution, but don’t have to be. Compared with other institutions that also have a strong asset manager, we are well positioned in this respect.

Where do you see the biggest obstacles to further growth?

Essentially two. First, technology: digitalization is central. We have to make sure both clients and advisors have the right platforms and tools. It takes both — people and technology. Prioritizing in the digital area is a major challenge every year. Second, perception: externally we are not yet everywhere seen as we understand ourselves internally — namely, as a private-banking provider with strong investment competence. In today’s fiercely contested private-banking market, such growth wouldn’t be possible if we weren’t offering a real difference.

Is there still potential in your home market of Zurich?

Absolutely. The market is fragmented. Virtually all banks and private-banking institutions are present in Zurich, and competition is correspondingly tough. At the same time, that means individual market shares are still low — and we want to gain further here. Not only in Zurich, but also beyond the cantonal border, for example in Romandy, we want to continue expanding our growth.

You began your career at Credit Suisse. How do you look back on its culture today?

I owe Credit Suisse a great deal. Over almost two decades at the bank I learned a lot and made important career steps. I deeply regret that this bank no longer exists, and it wasn’t a good development for the Swiss financial center either.

«I deeply regret that this bank no longer exists.»

When I started there in 2000, Credit Suisse was very innovative and entrepreneurial. I experienced that as very positive. At the same time, that culture had pros and cons. As a listed company, the bank had to deliver results and therefore had a different risk culture than we do at Zürcher Kantonalbank.

Some say there was always a willingness to do things that perhaps shouldn’t have been done. Do you agree?

There are already plenty of opinions and speculations on that. You don’t need another from me.

Florence Schnydrig Moser, who grew up in Valais, has been Head of Private Banking and a member of the general management of the Zürcher Kantonalbank since 2021. Previously she was CEO of Swisscard AECS and spent nearly two decades in senior roles at Credit Suisse, where she led the products and investment business and sat on the executive board of Credit Suisse Switzerland. She began her career at UBS. A graduate mathematician from EPFL Lausanne, she is a Chartered Financial Analyst (CFA) and is engaged in Female Finance and the Advance initiative.