Operating as Bank Pictet & Cie (Europe), the new Frankfurt-based company aims to employ 70 people by the end of 2023. Considering that Pictet has affiliated offices in France, Italy, Spain, the UK, and Monaco, the company is about to count 630 employees.
The Luxembourg office will nevertheless be preserved as a Pictet branch: around 350 employees will keep working there, while “a small number of management functions” will be transferred to Frankfurt.
Christian Schroeder has been designated as Head of the Institution and Head of Wealth Management for the region. He has worked for Pictet for almost 25 years, and is now an equity partner in the group. The executive committee will also include Jean-Philippe Fohal as Chief Financial Officer, Fredun Mazaheri as Chief Risk Officer, and Thomas Keller as Chief Legal Officer.
It is to note that the decision of transferring Pictet Headquarters to Frankfurt was made two years ago, in 2021. Pictet justified that this was “a strategic decision aimed at strengthening the presence of Pictet in Germany, a key growth market for the company”.
