In this column, contributors offer perspectives on economic and financial topics.

Not long ago, Swiss media described Julius Baer CEO Stefan Bollinger as a «phantom» on the financial stage — someone people believe they see, yet who is not truly present.

That characterization caught my attention. The underlying message — irrespective of the specific case — is clear: the company has a CEO, but not a leader. 

When a CEO avoids visibility and communication — whether consciously or unconsciously — an invisible barrier forms between leadership and the people who matter: employees, clients, investors, and the media.

«When the captain leaves the bridge, the crew loses confidence — even if the course is technically correct.»

This is especially true in an organization like Julius Baer, which is navigating deep transformation through cost reductions, job cuts, restructuring, and the legacy of past scandals. In such a context, absence does not signal composure; it often signals a vacuum. 

And in that vacuum, uncertainty, rumors, and distrust take root. Employees lose their connection to the company. External stakeholders start asking: Who is steering the ship? How, and toward what destination? In other words: when the captain leaves the bridge, the crew loses confidence — even if the course is technically correct.

Why Voice and Visibility Matter 

Drawing from my professional experience, not only at the C-suite level, but particularly as a former employee of crisis-stricken organizations, I have learned that effective leadership relies on four tightly interlinked principles.

First, leaders must provide a shared sense of direction. A CEO articulates meaning and purpose, preventing confusion and disengagement.

Second, trust can only grow through transparency. Visible, open communication from the CEO builds credibility and prevents information gaps from being filled with speculation or silence.

Third, leaders must demonstrate engagement and empathy. Employees want more than strategic metrics — they want to be seen as people. Leaders who communicate, listen, and acknowledge the emotional dimension of change foster reassurance and connection. Empathy becomes the invisible yet decisive currency of modern leadership.

«A CEO who retreats behind closed doors relinquishes their most powerful asset: human trust.»

Fourth, lasting transformation requires alignment of head and heart. Strategies and analyses alone are insufficient; what ultimately matters is how people feel, respond, and adapt. Leaders who combine rationality with emotional intelligence strengthen trust, resilience, and the willingness to contribute actively to change.

Discretion, Control, and Quiet Competence

Many CEOs — particularly in financial services — bring with them a leadership style shaped by international experience, emphasizing efficiency, performance, growth pressure, and lean hierarchies. Often, this includes discretion, control, and quiet competence. 

This approach can work well in stable times.

However, during periods of intense transformation, a purely «back-office-driven» leadership style may appear detached. It risks alienating precisely those whose trust needs to be restored: employees, clients, regulators, market observers, and the media.

Which brings me back to Julius Baer. There are five questions I would ask Stefan Bollinger:

1. How do you want to be perceived — by employees, clients, and stakeholders — beyond your title? What kind of leadership presence do you aspire to project?

2. Given Julius Baer’s sweeping transformation (cost reductions, revised risk culture, structural adjustments): how will you communicate not only the what but also the why — to acknowledge uncertainty and sustain motivation?

3. How do you define empathy in leadership — not as rhetorical softness, but as an operational tool? What concrete measures (listening sessions, town halls, informal feedback loops) are you prepared to implement to foster connection and psychological safety?

4. How will you adapt your leadership style, shaped by your experience at Goldman Sachs — where discreet, performance-driven leadership often works — to the cultural expectations of a traditional Swiss private bank?

5. How will you measure the success of your communication strategy — not only through financial KPIs, but also through employee engagement, trust, and cultural alignment? And how transparently will you share these indicators internally and externally? 

Visibility Is Not Vanity 

Communication is not every CEO’s natural strength — but it can be developed.

Leadership is not defined by the position one holds, but by the minds and hearts one reaches. A CEO who retreats behind closed doors relinquishes their most powerful asset: human trust.

For any leader navigating change, the imperative is clear: Show up. Speak up. Listen. Be genuine. Turbulent times demand more than spreadsheets — they demand real leadership. 

I firmly believe that a CEO’s greatest asset is not their résumé or financial acumen. It is the human connection they build, step by step. Because once trust is lost, it is far harder to rebuild than any balance sheet.

Brigitte Kaps, Founder and CEO of KAPS Advisory, advises CEOs and management teams on change and transformation. She brings 25 years of international experience in senior roles at foreign banks (ABN Amro, GE, RBS), including ten years in Corporate Finance and Investment Banking. Before founding her firm in 2015, she served as a member of the Executive Committee and Head of Corporate Communications at Cembra Money Bank (formerly GE Money Bank).

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