The Zürcher Kantonalbank (ZKB) has announced significant changes aimed at restructuring its client services. Starting June 1, 2025, Susanne Thellung, currently the CEO of the Schwyzer Kantonalbank (SZKB), will take the lead of the newly created ‘Privatkunden’ (Private Clients) unit. This unit is aimed at serving clients with assets up to 1 million Swiss Francs, bringing together services across branches and digital channels.
Thellung's move to ZKB marks her transition from leading SZKB, where she has held the CEO position since February 2021. “She has successfully advanced the realignment of the bank and knows the private client business from the ground up,” stated the announcement from ZKB, highlighting Thellung's extensive experience and leadership skill.
According to ZKB, with the new organizational structure, effective November 2025, customers with assets up to 1 million Swiss Francs will be serviced uniformly, ensuring seamless interactions both at over 50 branches and through digital platforms. The restructuring is part of ZKB’s long-term strategy to reinforce its core mandate of offering high-quality private banking services.
The upcoming changes also include enhancing the existing Private Banking unit, helmed by Florence Schnydrig Moser, which will now concentrate on clients with more complex advisory and investment needs. This strategic refocus follows ZKB’s recognition of the growing demand for sophisticated financial services within the competitive private banking sector.
Meanwhile, the SZKB will undergo its leadership transition, where financial chief Michel Degen is set to assume the position of interim CEO following Thellung's departure. ZKB’s restructuring not only signifies Thellung’s pivotal role but also indicates the bank's ambition to capture more market potential amid rising competition. The investment solutions previously embedded under ‘Products, Services & Direct Banking’ will find its own niche within Private Banking.
The focus of the new ‘Privatkunden’ unit is to create unified services, enhancing the customer experience for private clients. The move reflects ZKB's commitment to meeting client needs within digital and physical realms, ensuring clients feel equally supported regardless of how they choose to engage with the bank.
Such strategic realignments are not uncommon among leading banks aiming to maintain customer loyalty and appeal. ZKB is positioning itself to address the needs of both existing and potential clients more effectively. The adjustments also come at a time when efficient and effective service delivery is viewed as integral to remaining competitive.
Overall, the restructuring at ZKB is set to reshape how private banking services are delivered, with Thellung at the helm of this new direction. The integration of services and specialization within segments aims not only to streamline operations but also to provide enhanced customer support at every level.
By taking these strategic steps, ZKB hopes to solidify its position as the leading cantonal bank, ensuring its offerings resonate with the expectations of modern private clients.