ZURICH, January 12 (Reuters) – Credit Suisse (CSGN.S) has named the heads of its new investment banking advisory in Britain and France, the bank said on Tuesday, a business the lender aims to strengthen as part of a wider restructuring announced in November.
Oliver Tucker will join the bank as head of its investment banking advisory in Britain from Thursday, a spokesman told Reuters, while Philippe Guez took on the equivalent role in France earlier in January. .
Switzerland’s second largest lender has announced a restructuring in November, which involved cutting back its investment bank and virtually shutting down its prime brokerage business – part of the division accused of racking up $5.5 billion in losses when a client defaulted in March .
As part of the overhaul, the group said it would focus more resources within the investment bank on advising entrepreneurs and the ultra-wealthy clientele of its flagship wealth management business.
The Investment Banking Advisory (IBA) business was launched in summer 2020 to boost these services, with an emphasis on advising and executing smaller transactions than those typically handled by an investment bank.
Tucker and Guez will report to IBA European co-heads Stefan Gratzer and Vincenzo De Falco.
Tucker will join Credit Suisse from Nomura, where he served as managing director of the UK investment banking team, the bank said, while Guez joined Atlas Financial Solutions, where he was a partner for the independent advice on mergers and acquisitions.
Reporting by Brenna Hughes Neghaiwi; Editing by Kirsten Donovan
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