Back then, when Ossi was the CEO of Credit Suisse Private Banking we (Relationship and Portfolio Management Units Zurich) were invited for a presentation held by Ossi Gruebel himself.
In the essence the wording of Ossi's speech was the following:
- “Markets went down continuously and there is no sign that there will be a strong recovery in the nearer future. Our clients lost money. Because of the weaker markets assets under management decreased and as a result Credit Suisse income of fees declined”
- “We need to ensure that our clients can make money also during this volatile market period. We will launch the following product in order to achieve this. As a result we will meet with the targeted cost income ratio.”
- “Please identify the clients who could be interested, contact them, and if interested offer them this product”
- “If you are not able to achieve the mentioned goal we have to take some actions on the cost side and you might need to plan your future a bid differently”
The majority of the audience was a bid shocked about Ossi Gruebel's statements, which is understandable. For myself I liked these straight forward and maybe even a bid brutal statements. Why?
- Ossi Gruebel showed a clear picture about the current situation and problems
- He proposed a solution. That means he gave his subordinates a chance to react. He did not present us with a fait accompli
- He made crystal clear what we were to do
- He pointed out what the consequences would be if we were not to proceed according to his proposal
I found Ossi's aproach and the clear message by far fairer than other leadership approaches I have been experiencing during my career. Of course this example taught me as well, that such a messages should be transmitted in a bid a smother way in order get optimal results.
