Mr. Gagnebin, what are the reasons for Rothschild’s dramatic 65.8 percent drop in profit in the 2015/2016 business year?

The drop is mostly due to special effects in the prior year. We bought a property that led to an extraordinary profit. Our operating profit actually rose two percent on the year.

We’re very satisfied with that in a very difficult environment with negative interest rates, a very strong Swiss franc, and unpredictable financial markets.

Why did Rothschild’s long-standing CEO Veit de Maddalena step down?

Veit de Maddalena navigated the bank successfully through difficult times for ten years. About two years ago he expressed the desire to organize his succession.

«I’m glad that Veit de Maddalena is staying with Rothschild»

We have worked very well together during this time, and I benefited enormously from him. I’m glad that he is staying with Rothschild and especially that he is taking on several large client mandates.

Is this a reorganization of Rothschild Bank in Switzerland, since there were also changes in the Executive Committee?

No. There were two changes, but the maxim was always to ensure continuity. Juan Carlos Mejia Perez is joining the management of Rothschild Bank Switzerland as head of investments. Continuity was also the background of the CEO change, which was planned for roughly two years.

What was your motivation to take on the CEO job?

It’s a huge honor to become the CEO of such a well-positioned bank. It stands for a long-term view thanks to the Rothschild family, which is actively involved. I also very much like the business model with a focus on independent advice.

«He always told me that we’re marathon runners, not sprinters.»

That way, we can always act in the best interest of our clients and don’t have to sell them any in-house products. I like taking responsibility in this kind of environment and after the last four years, I knew that I would have a good team around me.

Your father, Georges Gagnebin, is a big name in Swiss banking. What have you or could you learn from him?

He always told me that we are marathon runners and not sprinters. It’s about not losing your long-term perspective and not just looking for short-term success.

«Sometimes the two banks will compete with each other for clients and advisors.»

This is especially true in dealing with clients. I also learned to work hard, concentrate fully on the client and always be honest with them. He also attached a lot of importance to treating everyone with respect.

Is your father, as president of Banque Paris Bertrand Sturdza, a competitor for you?

Yes, sometimes the two banks compete with each other for clients and relationship managers. His role is president though, so he’s not as involved in operative matters.

What are your priorities for the business?

First I want to emphasize that we have a very good strategy that I helped to shape in the last years. Nothing will change at first, because we’re successful with our strategy. We’re putting all our focus on our existing core markets and on the synergies with Rothschild & Co Group.

I have a strong personal focus on our clients. We’ll keep investing in our relationship capacity and in systems that support us to do that.

Does Brexit have an impact on the strategic direction of Rothschild?

No. We also don't believe that it's is a long-term economic problem for the U.K. The uncertainty attached to it in the short term is certainly bad. At the moment what affects us most is the weak British pound.

How does the bank differentiate itself from competitors?

Our top priority is certainly the bank’s stability in every respect, which we have thanks to the Rothschild family. That’s why we’re a long-term partner in all financial matters. The goal is to maintain the real assets of our clients, and to grow them. That’s why our investment approach is a long-term one.

«Swiss business was especially strong in Zurich and Geneva»

We’re very international as a group and our affiliation with Rothschild & Co is a big advantage. It is a leader globally in mergers-and-acquisitions and corporate lending and also has an important private equity business.

There are interesting advantages from this position especially for entrepreneurs and international families, which are among our most important client segments.

Your net new assets rose considerably to 1.4 billion francs this past year. What countries are you winning net new money from?

All our core markets contributed to our growth. Business was especially strong with clients in Zurich and Geneva, as well as in our Latin American business.

How important is onshore banking in Switzerland for Rothschild?

It is absolutely key for us. When we look back ten years, Rothschild didn't have a Swiss onshore business and today it is the most important part of our Swiss business.

«We are competitors in the market»

We manage roughly 11.7 billion francs in client assets from Switzerland. In the last year alone we attracted 1.2 billion in net new money, which translates to growth of 12 percent.

What’s the relationship to your «cousin» Edmond de Rothschild in Geneva?

We’re competitors in the market, exactly as it is with other banks. The two banks are positioned very differently and attract different client segments.

Are there plans to merge them?

No.