In the case of Benko, the leadership at Julius Bär seems to have adopted a “blame everyone” approach, ensuring that no one takes responsibility. One individual who fits into this narrative is Luigi Vignola, the Chief Markets Officer at the Zurich private bank. Over the summer, this highly paid executive indulged in a week-long sailing vacation. While one source from the bank claims it was only a week, two others assert that it lasted 800 hours, which they argue was necessary for a sailing certification.

What is certain is that Vignola is often absent from his duties. He and his wife offer luxury yoga retreats in Zermatt and Ibiza, which seems contradictory considering the significant contribution his department makes to the bank’s profits. It remains a mystery how this aligns with Julius Bär’s identity as a pure-play wealth manager.

Furthermore, two of Vignola’s key subordinates suddenly disappeared from their positions at the beginning of the year. Their names emerged in a major fraud trial in London, where a former Julius Bär employee was convicted. Although the two subordinates were not charged, they were responsible for structuring financing deals and presenting them to clients on Vignola’s behalf, making them a perfect fit for his world.

Vignola was part of a group of four individuals who played a significant role in supporting OC Oerlikon during the 2000s, alongside two Austrians and Viktor Vekselberg. Out of the four, only Vignola survived, thanks to his close relationship with Philipp Rickenbacher, who provided him with a protected position at the bank. From there, the two climbed the hierarchy together, with Rickenbacher eventually becoming CEO in 2019 and promoting Vignola to his executive team three years later.

The extent of Vignola’s involvement in the Benko debacle remains unclear, but it is estimated to amount to around 400 million. Gilles Stuck, who orchestrated the Globus deal for Benko, is said to have had a close relationship with Vignola initially. Stuck has been serving as the “Market Head Switzerland” for the past two years. Despite their connections to Benko, all three individuals – Stuck, Vignola, and Rickenbacher – have managed to climb the ranks.

At the top of the hierarchy sits Romeo Lacher, the Chairman of the Board of Directors. As a member of the risk committee in the ultimate control body, he too has failed in the case of Benko. In the world of the Benko-Bears, the motto seems to be “all for one, one for all.” Merry Christmas.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇨🇭 🇦🇹
Sentiment	neutral
Relevance Score	1
People	Philipp Rickenbacher, Luigi Vignola, Gilles Stuck, Romeo Lacher
Companies	Julius Bär, Globus, VRs, OC Oerlikon
Currencies	None
Securities	None