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Star Banker Collardi’s Past Raises Tensions at Bank Pictet

  • Pictet partners are discussing reputational damage after probe
  • Swiss regulator gave strongly worded rebuke on Collardi tenure
Boris Collardi
Boris CollardiPhotographer: Vivek Prakash/Bloomberg
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A star hire at Pictet & Cie is causing consternation at one of Geneva’s most exclusive private banks.

Pictet’s partners are discussing damage to the firm’s brand related to co-wealth management head Boris Collardi’s time as chief executive officer of Julius Baer Ltd., according to people with knowledge of the matter. In a strongly worded rebuke last month, Swiss regulators criticized Baer’s controls during Collardi’s near decade in charge, highlighting “systematic failings” in due diligence and anti-money laundering processes.