Rolf Olmsdal has been a strongman in the Co-operative Bank’s senior executive management since the shocks of former Raiffeisen chairman Beren Vincennes and his successor, Patrick Geisel.
Now Olmesdahl is half a meal. His world, which consists of the entire IT department and the entire back office of the group, is actually fading away.
Olmesdale is still computer science. The rest, that is, the so-called operations, which, as with each financial institution, include wheels, end up in a separate new department.
Raiffeisen Switzerland, as home to about 200 regional banks, is looking for new energy for them.
“In the course of implementing the group’s strategy, Raiffeisen Switzerland has decided to establish a new division at the beginning of 2022,” an Olmsdale spokesperson said on the question of what will remain Olmsdale in the future.
In addition to adapting the Group’s strategy introduced in 2020 for operational work, the division is responsible for the continuous improvement of operations within the Raiffeisen Group. The detailed design is currently being worked on.”
Olmsdal did not respond to the request.
Once he lost in a power struggle at UBS, Olmesdahl made a new attempt at Zurich Insurance Group. He was considered a powerful figure in both places.
In 2015, “Freund” Geisel brought him to Raiffeisen. Geisel and Olmsdal have known each other since their UBS days together.
Olmsdal, in turn, brought his close friend from UBS to Raiffeisen. Together, the new IT team had to introduce the Avaloq banking system in Raiffeisen.
This worked after a number of teething problems. Today IT works without any major problems. Since then, some of Olmsdale’s “disciples” have left Raiffeisen’s house.
Success with “Rainbow”, as Avaloq’s preface was internally called, gave Olmesdahl a nimbus of a super crack. He was able to establish himself alongside Geisel as the second most powerful character at the apex of the operative.
When Geisel lost popularity almost 3 years ago due to the question marks of the Vincennes era and an affair with a member of the board of directors, Olmesdale was able to consolidate his power. In addition to information technology, he was responsible for operations; His nickname, similar to that of his competitors, was “Manager of Operations,” or COO for short.
The election of Heinz Huber to succeed Geisel as CEO did not change anything in Olmsdale’s powerful position. On the contrary, it seemed that no one would be able to get past the man in charge of the back office in Raiffeisen.
This makes the current reduction in power even more surprising. This bears the signature of Guy LaChapelle who has fallen. The Basel resident had to relinquish senior leadership as group head in the context of a relationship spiraling out of control.
As for LaChapelle’s final successor – currently for the second time, he becomes the deputy of Jantenpin as well Antoinette Hunziker He again appeared as a candidate – to weaken Olmesdal’s advantages. Its own role with its unique strength is history.
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