Swiss Bankers’ Millionaire Dreams Fade as Assets, Margins Drop
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When Werner Rueegg managed wealth for clients of Credit Suisse Group AG, Oswald Gruebel, who became chief executive officer at the Zurich-based bank, promised to make him rich.
“Ossie Gruebel told us: ‘To serve a millionaire, you have to be a millionaire and I promise you I will make you a millionaire,’” said Rueegg, 48, who has spent the last three years of a 28-year career at Bank Sarasin & Cie. AG.