The head of Schaffhausen's cantonal bank since 2009, Martin Vogel, referenced «Arbeit macht frei» or «work sets you free» during a year-end speech to the Swiss bank's employees in 2018, a person familiar with the situation told finews.com. The slogan hung at the entrance of Auschwitz and other concentration camps during the Nazi era.

The 62-year-old Swiss banker apologized to staff roughly one month afterwards for the colossal verbal blunder, saying «well-intended is not always carried out well,» in an email made available by the bank. A staff commission had previously informed the CEO that employees were shocked and indignant at the remarks.

Maternity Cuts

Vogel wrote in the email that the words had been clumsily chosen, and that he had not been aware of the historical context. The Nazis and their allies murdered around 6 million Jews, as well as others, in German-occupied Europe during the second World War. It is difficult to conceive of an adult German-language speaker who isn't aware of the meaning of the words. 

The CEO was in hot water in the Swiss press earlier this week after tabloid «Blick» (in German) revealed that he planned to cut maternity leave to 14 weeks, from 16 weeks previously. The local government-backed bank had argued that the adjustment was due to the introduction of two weeks' paternity leave this year. 

Wider Protests

Amid protests from unions as well as a popular petition protesting the cuts, Vogel on Thursday told a local broadcaster (in German) that he had no plans to reverse the controversial decision, as it was part of a raft of flexible working measures at the bank.

One aim of the measures would be equal treatment of men and women, Vogel said. He added that the bank isn't seeking «fundamental» equality initially, as this would spark too many changes.

Efficient Trimmer

Vogel is a former UBS corporate client banker who was hired to run the cantonal lender in 2009. He quickly made a name for himself as a cost-cutter, trimming the bank to an enviable cost-income ratio of 40 percent.

The supervisory board, which includes local politicians in deference to its ownership by the canton of Schaffhausen, was informed of the 2018 Nazi-era remark. The bank told finews.com that Vogel was concerned after being made aware of the historical context of the remarks, leading to his apology.