Peter E. "Tony" Guernsey Jr., the founder of Union Bank of Switzerland's U.S. private bank, resigned last week in the wake of Union's agreement to merge with Swiss Bank Corp.
Mr. Guernsey said he was designated three months ago to co-head the New York and northeastern markets for the proposed United Bank of Switzerland. He is leaving, he said, because he expects his role to be a limited one.
"Frankly, I didn't get the top job in the merger."
He added that his interest had ebbed over the past few months. "As you go through various transitions you can determine how much influence you have in vision or leadership," he said.
However, Mr. Guernsey said the position he would have shared with Hanspeter Waulder of Swiss Bank Corp. was an "excellent job."
The planned United Bank of Switzerland would be "by far the largest foreign private bank doing business in the U.S.," Mr. Guernsey said. "This thing is in great shape to do very well."
Worldwide the new bank would have $1 trillion of assets under management, including $600 billion in wealthy people's accounts to be handled by 9,000 private bankers.
As head of U.S. private banking for Union Bank, Mr. Guernsey built and oversaw a staff of 135 people. '
At the new United Bank, Carlo Grigioni of Swiss Bank Corp. would lead U.S., Canadian, and Latin American private banking. Responsibility for the eastern and western United States would be split between Ray Simon and Richard Schafer, respectively, also from Swiss Bank.
UBS executives Larry Gore, Jean Martin, and Joan Kaye, and William Rovere would be regional managers for the Midwest, Southeast, and Southwest, respectively, a Swiss Bank spokesman said.
Mr. Waulder and Mr. Guernsey had not been named co-heads in New York, the spokesman said. Tentative plans called for both to serve as relationship managers reporting to Mr. Simon in New York, he said. Mr. Waulder has held that position for Swiss Bank in the city for five years.
Before starting U.S. private banking for UBS in December 1988, Mr. Guernsey worked for J.P. Morgan & Co. for 16 years, at the end as national marketing director for all domestic business outside of New York.
