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As Credit Suisse (CS) employees integrate into UBS, the big bank’s longtime chairman of the board has already embarked on new adventures. Urs Rohner now relies on the gold trade. He is the new Board Member of Gilded Switzerland AG. According to the trade registry, the purpose of the company is “to carry out transactions in the field of buying and selling physical precious metals and providing related services”.
Rohner is registered with the company as one of two directors. The name of his partner there is Ashraf Rizvi. According to his LinkedIn profile, the American worked in metals and commodities trading at UBS Investment Bank for nine years. He founded Gilded Switzerland in May 2022.
On the company’s website, visitors are greeted as follows: “Visualizing the return on gold with the functionality of cash.” Click further and you’ll find out that Gilded was created to free investors from the constraints of “fiat” (i.e. traditional currency like the Swiss franc). The precious metals startup wants to democratize ownership of physical gold by digitizing it, making it mobile and usable.
Among other things, the company wants to store gold securely outside the banking system (“… it is stored securely outside the banking system”). This is particularly interesting in connection with Rohner, who from 2011 to 2021 held a senior position in Swiss banking as Chairman of the Board of Credit Suisse. As someone inside the banking system, he no longer seems to fully believe in the security of the system. In fact, banks’ equity bases are very weak. Also on the new UBS.
During his ten years as Chairman of Credit Suisse, there have been many scandals and mismanagements; these are believed to be one of the reasons why customers lose confidence in CS. Because of this, Rohner lost his position in many liberal circles. At this year’s Sechseläuten, he wasn’t even thoroughly welcomed in his guild. And as early as 2022, business magazine “Bilanz” asked how long-time President Urs Rohner was responsible for Credit Suisse’s downfall.
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This article was originally published on the paid service of handelszeitung.ch. Blick+ users have exclusive access as part of their subscription. You can find more exciting articles at www.handelszeitung.ch.
Rohner made headlines with a temporary transition to the low-tax Wollerau SZ community in 2021. At that time, due to conversion, Zumikon moved from his villa in ZH to an apartment in an apartment block in Wollerau. It was the perfect time for a temporary move: exactly the year he received the final payments from Credit Suisse, including his larger pension fund contributions. Significantly less tax has to be paid in Wollerau than in Zumikon.
The gilded company is owned by Rohner’s consulting firm, U. Rohner & Co. AG is located at the same address in Seefeld, Zurich. There he is the only member of the board of directors.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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