Credit Suisse upsets ranks of senior investment bank following exits


Credit Suisse has appointed David Wah as global head of the advisory and promoted longtime dealmakers to head its M&A team after the departure of a number of senior bankers in recent weeks.

The Swiss bank has promoted veteran investment banker Wah, who has worked at Credit Suisse for nearly 29 years, to one of its key trading roles, according to a note from David Miller, the head of its banking unit. investment, seen by Financial News.

Wah was most recently co-head of its client advisory group, but also co-leads its technology, media and telecommunications investment banking team.

The appointment follows the departure of Greg Weinberger, head of mergers and acquisitions at Credit Suisse, who resigned to join Morgan Stanley later this year on the wall street journal reported June 16.

London-based Cathal Deasy and New York-based Steven Geller have been named co-heads of global mergers and acquisitions, while Scott Lindsay will remain president of mergers and acquisitions, the memo adds.

READ Credit Suisse offers pay rises to stem outflows amid Archegos fallout

“We all have a common goal of growing our M&A revenue and market share, which we have successfully achieved since 2019 and our announced M&A pipeline remains incredibly robust, growing over 70% in year on year and by 32% compared to the three-year average, “says the memo. “With these new appointments, we affirm this priority and our desire to invest and develop this activity.

The Swiss bank has introduced retention bonuses for a limited number of senior traders in a bid to stem the brain drain of talent, Financial News reported June 9. The bonuses, which will be paid in July, have been selectively targeted at a number of senior rainmakers whom the bank considers integral to the business.

However, this is causing internal turmoil, according to bankers contacted by FNdue to the selective nature of bonuses and salary increases.

At least 12 senior investment bankers have left in recent weeks, but the departures have been largely in the United States, where a huge upturn in deal activity has led to a battle for talent this year. Alejandro Przygoda, global head of financial institutions at Credit Suisse, left for Jefferies with several members of his team, including European head Armando Rubio-Alvarez.

The general managers of the FIG team in Europe, including George Maddison, Marco Staccoli and Hugh Man, are also leaving for the US bank, according to people familiar with the matter.

Stéphane Gruffat, a senior equity capital markets banker who spent two decades at Credit Suisse, joined Deutsche as co-head of equity capital markets and head of the equity syndicate for Europe, the Middle East and the Middle East. ‘Africa.

Credit Suisse investment bankers are concerned about the impact of scandals in other areas of the business on their 2021 bonus payouts, employees said FN.

The bank is reeling from a $5.5 billion hit from its brokerage business after the collapse of family office Archegos Capital, as well as the impact of its ties to trade finance firm d Greensill Capital Supply.

Senior bankers quizzed Credit Suisse executives on the impact of the twin crises at an internal meeting on March 29, but responses focused on solidarity during a time of adversity, not the impact on salaries.

READ Credit Suisse hires Bishay, head of leveraged capital markets at Bank of America

The bank slid to a loss in the first quarter, despite reporting one of the best three-month stretches for its investment banking unit in more than a decade. Credit Suisse was hiring dealmakers before the crisis hit – hiring eight managing directors in Europe alone in the past 12 months.

Matt Hall, a former head of corporate brokerage at Deutsche Bank, joined as chairman of the UK investment bank in March, while Joe Bishay left Bank of America to join its leveraged finance team Emea as general manager in June.

To contact the author of this story with comments or news, email Paul Clarke


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