Swiss Private Banks: Which Ones Thrived, Which Ones Faltered?

Swiss Private Banks: Which Ones Thrived, Which Ones Faltered?

7. Lombard Odier

Lombard Odier’s 2024 annual results raise a few eyebrows on Bahnhofstrasse: despite an excellent market environment, the bank recorded a profit of 179 million francs – 19 percent lower than the previous year.

In 2023, Lombard Odier made headlines with an aggressive hiring strategy. Approximately 60 relationship managers were poached from Credit Suisse. At present, there is little indication that this expansion on the client front has paid off.

While the Geneva-based private bank has not yet published detailed figures for 2024, its press release on the key figures of the annual results mentioned only «a record year in terms of assets under management in our private client division», noting that it also experienced «one of the strongest years in terms of new client inflows».

In response to an inquiry from finews.asia, Lombard Odier attributed its relatively modest annual profit – even in a multi-year comparison – to a 33 percent decline in net interest income as well as to «exceptional costs due to the move to our new headquarters this year.» 2024 was described by the bank as a record year in terms of its private client division, although, as Lombard Odier further stated: «The bankers we hired in recent years contributed to the net new money inflows.»

Nevertheless, Lombard Odier ranks only fifth among the seven banks in terms of the relative increase in AUM compared to the previous year – with an 12 percent rise.