Goldman Sachs partner: most have to work years if they want to achieve the pinnacle in U.S. investment banking. A veteran Credit Suisse banker is parachuting in directly.
Jeff Douthit (pictured) ran Credit Suisse's business with corporate service providers such as consulting, staffing and security firms. It doesn't sound glamorous, but it helped the banker jump the line to partner level at Goldman, «The Wall Street Journal» reported on Tuesday.
Douthit joins Goldman Sachs in Chicago along with his deputy, Ali Azim, who starts as a managing director. Douthit will cover the same business service area at Goldman Sachs as he did at Credit Suisse.
Fee Winners
What makes the sector interesting? The firms tend to be owned by big private equity firms, which make them attractive fee winners when they go private, raise funds or return to the public market.
Goldman rarely poaches straight into partner level, but clearly found it worthwhile for Douthit, a 21-year veteran of the Swiss bank. He had also ran Credit Suisse's wider Chicago office for the last four years.
He will remain in the Windy City for Goldman, reporting to Dusty Philip, Goldman's top banker for industrials.
