Credit Suisse Struggles to Stop Emigration When Leading US Deal Leaves

Credit Suisse’s main deal in the US was left by the last senior employee of the Swiss bank, who is struggling to maintain high talent after a series of scandals that have undermined the morale of employees.

Greg Weinberger, who has led Credit Suisse’s merger-acquisition business since 2019, will join Morgan Stanley this year, said those with direct knowledge. He has worked in a bank for more than 25 years.

Credit Suisse and Morgan Stanley declined to comment on the move, which was first reported by the Wall Street Journal.

Weinberg, who has acted as an adviser to a number of American corporations, including Chevron, is following the wave of bank departures following the crisis in Archegos Capital and Greensill Capital.

Earlier this year, a major hedge fund brokerage lost at least $ 5.5 billion in an explosion at the Bill Hwang family office in Archegos. The bankers who did not take part in the case were furious because of Credit Suisse otherwise he would have announced its best quarter in at least a decade driven by capital markets և business M&A consulting.

The trade loss followed the closure of $ 10 billion in supply chain financing at Credit Suisse, which was linked to the insolvent financial group Greensill Capital. It could cost the bank’s customers $ 3 billion վում is being investigated by regulators around the world.

As a result, Credit Suisse’s investment banking manager Brian Chin left the bank with Lara Warner, chief risk and compliance specialist. The heads of the main brokerage department were also dismissed.

New President Antonio Horta-Osorio promises to reduce investment bank size, transform culture, curb risk takingThe prospect of a “further downsizing” strategy has forced many employees to look for work elsewhere, several creditors said.

Several Wall Street investment banks, such as buns and boutique firms, told the Financial Times that they had committed poaching, as they had been asked by job-seeking Credit Suisse bankers. A man who had recently left said: “No one wants to be the last person standing.”

Other scandalous cases after the twin scandals include Alejandro Przigoda, Credit Suisse’s Chief Financial Officer, who traveled to FF with several members of his team. Last week, two senior bankers in the consumer industry, Andrew Conway and Charles Habib, resigned, respectively, joining Bank of America and Morgan Stanley.

Barclays has hired Ihsan Essaid, Credit Suisse’s tech-savvy media consultant, to become the head of M&A at the British Investment Bank in the Americas.

Over the past decade, Credit Suisse has built a significant M&A business, advising on several major deals, including Chevron. $ 13 billion acquisition Noble American խմբի Charles Schwab’s $ 26 billion deal to buy American online brokerage TD Ameritrade.

In order to try to retain the selected key personnel, Credit Suisse offers retention bonuses according to a few people familiar with the details.

However, the policy has caused internal concern because it is not generous enough; very few have been offered the priority of leaders, team leaders over lower classes, people said.

Shares of Credit Suisse have fallen 16 percent this year, compared with Morgan Stanley’s 32 percent increase, with domestic competitor UBS gaining 15 percent – a further blow to staff who have seen their deferred payroll decline. ,

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