The Swiss-born Gut, whose career included stints on Wall Street, held top positions at Credit Suisse for 23 years, from 1971 to 2000. His ambition, as he put it, was to expand the Zurich-based bank beyond its roots in private wealth management to become “a major player in every area of financing activity around the globe.”
As Credit Suisse’s honorary chairman – the largely ceremonial position he was awarded when he stepped down in 2000 – Gut had a front-row seat as the global bank he built endured two decades of embarrassing revelations, management turnover and attempts at restructuring. His successors atop the firm aimed to shrink its size, retreat from Wall Street and narrow its focus to restore profitability and the bank’s reputation.
Rainer Emil Gut was born on Sept. 24, 1932, in Baar, a village in the canton of Zug in central Switzerland, one of seven children of Emil Gut and the former Rosa Mueller. His father worked at a regional bank, Zuger Kantonalbank, and made his way up to the highest executive position, director, according to a 2003 biography by René Lüchinger and Erik Nolmans.
He started his career with Union Bank of Switzerland, which sent him to New York, where he joined Lazard Freres & Co. and became a general partner under André Meyer.His experiences in London and New York paid off when Schweizerische Kreditanstalt — Credit Suisse’s original name — went looking for a banker with international experience to lead a push in investment banking.
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