The exodus continues. Along with Deutsche Bank and J. Safra Sarasin, BNP Paribas is attracting investment banking executives from Credit Suisse's Swiss unit, finews.com has learned.
Damien Aellen (pictured below) will take over BNP Paribas' syndication business in Switzerland at the beginning of August, as confirmed by the French bank at the request of finews.com. Aellen will be based in Zurich and structured within the corporate and institutional business, joining from Credit Suisse's Swiss investment bank where he held a similar role.
Corporate and Institutional Client Focus
Industry portal «Global Capital» (behind paywall) first reported Aellen's departure. He joined Credit Suisse from BNP Paribas in 2015, moving up in the syndication business which is when several investment banks form a group to jointly handle transactions for corporate clients or loans.
(Image: Linkedin)
Corina Bjoerkman (pictured below) is also leaving Credit Suisse's Swiss investment bank, joining syndication at BNP Paribas Switzerland on October 1, as head of Swiss institutional flow credit sales. She previously worked as a Credit Suisse director in bond sales. At BNP Paribas, she will look after the distribution of issues, while Aellen will be responsible for their origination.
The Crown Jewel
The Credit Suisse investment bank, a longtime leader in various businesses in this country before the UBS takeover, is facing internal pressure. Unlike Credit Suisse's global trading business, which UBS wants to unwind, the investment banking business is considered the crown jewel of Credit Suisse's Swiss business.
UBS won't decide on the acquired rival's Swiss business until the end of August, leaving Credit Suisse's roughly 70-strong local investment banking team mired in uncertainty until then.
(Image: Linkedin)
Movements Abroad
This is not without consequences, as is now becoming increasingly clear. Last June, finews.com also reported on the move of Rosario Clemente from Credit Suisse's bond team to Deutsche Bank, where he will take up a senior position in the business next fall. Also in June, it was reported that a seven-strong capital markets team from Credit Suisse was moving to Brazilian-Swiss private bank J. Safra Sarasin, where it will build up the business from scratch.
Abroad, the departures in investment banking have already reached such an intensity that finews.ch recently spoke of a «great flight.»
