Thomas Starck
Last Name
Starck
First name
Thomas
Email
thomas.starck@unisg.ch
4 results
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Item type:Publication, Value Creation of M&A Advisors: A Bargaining Perspective(2023-06-16); ; ; Financial advisors are hired by both buyers and sellers and play an important role in the M&A process. However, our understanding of the extent to which they can help their clients achieve better acquisition outcomes is limited. In this study, we adopt a bargaining perspective to analyze the acquirers’ advisory team composition vis-à-vis the advisory team composition of the target company. To do so, we examine the impact of a quantity advantage (larger advisory team size) and quality advantage (larger amount of prior advisor experiences) on the negotiated acquisition premium and the resulting stock-market reactions upon M&A announcement. Our findings indicate that a quality advantage is associated with a lower acquisition premium and thus positive outcomes for the buyer, while a quantity advantage is linked to lower cumulative abnormal returns and thus negative outcomes for the acquiring firm.Type:conference paper - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Swiss Private Banks in the Age of AI: Deep Dive as Part of KPMG’s Private Banking Study 2026(2026-06-24); ; ; Latvakoski, OlliSwiss private banking is entering the age of artificial intelligence from a position of both strength and structural conservatism. The sector’s traditional model has been built around trust, discretion, and relationship-driven advice – strengths that remain central to its value proposition, yet that also make the adoption of AI a more delicate strategic challenge than in many other financial services businesses. Drawing on a Spring 2026 survey of Swiss private banks, an AI Advancement Index covering 73 institutions, and an analysis of roughly 4,700 job postings across six major banks, this deep dive points to a sector that is moving in earnest but unevenly. Three findings stand out: AI deployment is already widespread but shallow; its value is concentrated in cost efficiency rather than revenue; and the gains are beginning to separate a leading cohort from the rest. First, AI Adoption is widespread, but only a few Swiss private banks have so far developed leading-edge capabilities. AI has moved beyond experimentation for most of the sector. Among surveyed banks, 79.5 % have deployed AI in at least one operational setting, and nearly 59 % report deployment across multiple areas. Yet, 76.5 % of respondents remain at a developing or ad hoc stage, and only a small minority have built the formal programs, dedicated budgets, and operating models required for scale and continuous deployment improvement. Our AI Advancement Index places just four of 73 banks in the Leading category, with advanced capability concentrated among a small group of frontrunners with explicit AI strategies and dedicated governance. Second, the value creation through AI is expected to come mainly from productivity gains. AI deployment in Swiss private banks is mostly concentrated on everyday productivity use cases, led by employee productivity and document automation, while more sensitive applications in investment, portfolio management, and client advisory remain comparatively marginal. The financial figures tell the same story. In our survey, 38 % of banks reported AI-driven cost savings, and that share is expected to continue growing. In contrast, 94 % report no AI-attributable revenue effects in 2025. Thus, banks seem to be deploying AI mainly to improve productivity rather than to generate new revenue sources. Third, digital maturity and scale are beginning to separate the leading institutions from the rest. Banks with stronger AI scores are generally larger and tend to also be more advanced in digitalization, suggesting that digital infrastructure, data availability, cybersecurity, automation, and technology governance provide an enabling layer for AI. Yet the relationship is not automatic. Some mid-sized banks are only moderately advanced in AI, while some of the small subsidiaries of larger international banks exhibit high levels of AI activity due to their parent organizations’ capabilities. In summary, AI seems to diffuse faster than the organizational capability required to turn it into true competitive advantage. Lasting advantage will accrue to banks that combine governance, data, talent, and disciplined use-case selection with the trustbased advisory model at the heart of private banking. AI will therefore benefit the institutions that either build it as a real competence or use it selectively to reinforce a focused client proposition. Hence, while cost efficiency seems to be the current shared baseline, the longer-term competitive advantage will belong to the banks that build the governance, talent, and data foundations to move AI from the back office into client-facing value before the leaders pull away.Type:work report - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Effects of Diversification on Swiss Private Bank Performance(2025-06-27); ; The Swiss private banking sector has, in the past two decades, overcome a major change in its business environment that reduced the number of Swiss private banks to less than half of what it was in 2008. We focus in this report on the private banks that survived the turbulence and how they have continued to develop their business operations after that. Due to the introduction of the Automatic Exchange of Information (AEOI) on January 1, 2017, the banks had to reassess both the geographies in which they operate and the product/service offerings that they provide for their clients. By focusing on the geographic and product/service diversification strategies of the Swiss private banks, we find that the currently highest performing Swiss private banks are those that successfully expanded their geographic footprint while at the same time broadening their product/service offerings to address the intensifying competition. The dual diversification strategy allowed the Swiss private banks to sustain both growth and profitability. They built scale by establishing a presence in multiple markets worldwide while simultaneously evolving their product offerings to meet diverse client needs–all the while maintaining operational efficiency. Our findings also show, however, that diversi fication is not a universal remedy. Private banks that did not expand geographically, but still chose to offer a broad array of products/services, have underperformed both the more diversified and the more focused banks. At the same time, boutique banks with a concentrated domestic presence and a narrower set of core offerings managed to retain strong profitability. The strategic context of 2025, with increasing global geopolitical uncertainty, amplifies the significance of these find ings. Clients are increasingly valuing regional presence alongside digital access, sustainable investment options, and a broader range of wealth management services that go beyond traditional asset management. The banks that have their diversification efforts aligned with these broader trends are better positioned to address these demands. For example, those that moved early into growth markets like the Middle East or into new investment themes like ESG investing or Cryptocurrencies are now reaping the benefits of being ahead of the curve. In contrast, banks that have stood still have found themselves vulnerable to these changes. In summary, we find that diversification has proven to be a double-edged sword for Swiss private banks over the past decade. Expanding internationally and enlarging service offerings has clearly enabled scale and revenue growth for proactive Swiss private banks, helping them capture emerging opportunities and spread risk across markets. Yet, diversification without strategic clarity or sufficient scale would seem to have led to lower profitability. It would seem that in order to prosper in the current climate, Swiss private banks must either commit to achieving the scale and breadth needed to compete globally or choose a focused boutique strategy where they can be best-in-class in customer intimacy. Striking the right balance – growing and innovating, but with prudent limits – will be critical as the industry continues to adapt to the post-2025 landscape of global wealth management.Type:work report - Some of the metrics are blocked by yourconsent settings
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