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The chairman of the Erste Group, Andreas Treichl, 21 years after taking the lead of the banking group, made some confessions: what are the mistakes he made, the times when he could have been fired and the advantages over the main competitors? In an article published by the Financial Times, Treichl admits to having "hit the bar" in a few situations.
At a financial summit organized by the Financial Times last year in the debate over bank salaries, Treichl joked that he was paid worse than Goldman Sachs' guardian ( since in 2017, it has earned a total of 2.6 million euros). His comment was supposed to be sarcastic, but illustrates his tendency to "false modesty," FT's journalists write.
The boss of Erste began his career in 1977 at Chase Manhattan. In 1994, he was recruited to the team of the Erste Austria Savings Bank and was appointed CEO three years later. At the time, Erste was controlled by a successor bank of the savings bank established in the early nineteenth century to provide financial services to the poor. But to finance a series of acquisitions, Treichl decided to list Erste and reduce the Foundation's participation in a minority, and it was a time when he almost ended his term as CEO
During the crisis, The image Erste was affected by the sale of loans in Swiss francs in Hungary, Croatia and Austria. "Customers have benefited from low interest rates but have been affected by sudden movements in exchange rates.Everyone knew that this was not good … In retrospect, yes, of course, c & rsquo; Was bad, "says Treichl, but he recalls that there was a great demand for such products, customers had advantages, and in countries where Erste did not (19659003) However, Erste avoided some pitfalls: unlike his Austrian rival Raiffeisen, the bank did not enter the Russian market, avoiding political and economic turmoil
Read: Income of Klaus and Carmen Iohannis in 2017
After the crisis, the CEO of Erste earned his critical reputation from European politicians and regulators who, he said, have disadvantaged banks. " 39 was not always very careful, and that's another reason I would have p u be fired. I've been very direct and it's probably one of the reasons why the Austrian government decided that it was very simple to introduce a bank tax, "Treichl said.
Photo Source: Agerpres Photo
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