On June 1, 2025, Susanne Thellung, the former CEO of Schwyzer Kantonalbank (SZKB), will take the helm of the newly established private clients department at Zürcher Kantonalbank (ZKB). The announcement, made by ZKB, signifies not only Thellung's personal career advancement but also the bank's strategic expansion to cater to clients possessing assets of up to CHF 1 million. This new division is slated to become operational by November 2025, operating across 51 physical branches and all digital platforms.
For ZKB, which has purposefully sought to redefine its organizational structure, this move is intended to address the growing demand from the upper middle-class segment often referred to as 'affluents'. Christoph Künzle, a banking expert at the Zurich University of Applied Sciences, described this customer segment as "very attractive," as it often feels underrepresented by traditional banking services.
The 50-year-old Thellung has spent much of her banking career with UBS over 21 years, before leading the SZKB as its CEO from February 2021. There, she effectively positioned the bank to be seen as responsive to generational needs. The transition to ZKB marks her ascent to one of Switzerland’s largest banks, which is almost ten times the size of her previous institution.
This reorganization effort has been framed by many as ZKB's battle cry against UBS for client dominance within Zurich's banking environment. To achieve this, ZKB has distinguished its private and business banking services, separating the traditional wealth management clientele from the burgeoning 'affluent' demographic to provide enhanced, targeted services.
A major component of this restructuring involves the transfer of clients currently served under the Products, Services & Direct Banking divisions to the newly formed private clients department. The goal is to streamline services and align offerings more closely with client needs, thereby increasing the market share within this appealing demographic.
Following the announcement, ZKB's Board of Directors confirmed Thellung’s position as part of the General Management team, reinforcing the bank’s commitment to pursuing growth through innovative financial stewardship. They aim to propel ZKB as the top choice for clients who have assets just set below the thresholds traditionally catered to by private banks.
Thellung's track record at the SZKB has reflected her capacity to manage significant challenges and lead organizational change. It has been suggested among industry insiders and observers alike, particularly after the fallout from recent banking crises, including the turmoil surrounding Credit Suisse, which is now merging operations with UBS. Susanne Thellung's leadership at ZKB is seen as pivotal for the bank's ambitions to capture disenchanted clients currently facing uncertainties.
The decision to create this private clients department is not incidental. It addresses the shift within clients who find themselves translating from larger institutions like Credit Suisse to UBS and are now searching for alternatives. The bank anticipates potential growth stemming from this transition, leveraging its state-backed guarantee which offers additional security and trust to prospective customers.
Further, banks have recognized the upper middle-class demographic can sometimes provide greater margins than traditional wealth management clients, as they are unaccustomed to negotiating fees and can be more reliant on the services provided. This strategic targeting exemplifies ZKB's commitment to enhancing service delivery mechanisms.
Industry experts note the current banking environment is ripe for ZKB to amplify its visibility and attract these affluent segments who may be disillusioned with who seem traditional banking paths post Credit Suisse's recent difficulties.
Broadening their customer base within this lucrative demographic aligns with ZKB's long-range growth objectives. The bank is already well-established within the realms of corporate banking and retail sectors, having captured significant market share.
From both internal and external perspectives, Thellung’s hiring is viewed as emblematic of ZKB's intent to position itself among elite banks throughout Switzerland. Her expertise will likely enable the bank to navigate through modern challenges within the financial industry, which is seeing rapid digital disruptions.
The transition also coincides with shifts across other banking institutions, as competition continues to intensify with changing customer expectations and technological advancements. ZKB's initiative stands as not only a strategic operational maneuver but also as proactive response amid seismic changes within the banking sector.
Overall, this significant shift aims to fortify ZKB's place within the wealth management market, allowing them to rise to prominence alongside established giants like UBS. More than just filling the ranks, Susanne Thellung aims to establish ZKB's new identity and drive its vision for the future.
The future will show how successful ZKB's new strategy will be, but with Thellung at the forefront, there is cautious optimism within the banking community. The stakes are high, but the potential payoffs are higher as ZKB moves forward to embrace new clients who are ready for a change.