The Swiss bank's talent is flocking to competitors in the wake of major losses from its Archegos dealings.
After the attrition in prime brokerage following the Archegos debacle, Credit Suisse is now seeing numerous departures in other areas, with a number of merger and acquisitions dealmakers moving to competitors, «Bloomberg» and «The Wall Street Journal» (behind paywall) reported on Tuesday.
The reports, which have not been confirmed by Credit Suisse, says the exits include Jason Wortendyke, global co-head of mobility and services, who is rejoining Citigroup. Ihsan Essaid, head of media and telecommunications mergers and acquisitions, and Kamal Ahmed, a managing director focused on semi-conductors in the the technology investment banking unit, are to go to Barclays.
Limited Business
Leo Reif, a managing director in Credit Suisse's health group, will join Jefferies. Other departing Credit Suisse investment bank MDs include Simon Auerbach und Stephanie Ruiz, with Auerbach moving to Bank Lazard.
Archegos' bankruptcy prompted Credit Suisse to lose 5 billion Swiss francs ($5.5 billion) to date, hitting it harder than other banks. Since then, Finma has put limits on its business, which is likely to impact the investment bank. Despite the fiasco, CEO Thomas Gottstein has announced that year-end bonuses are still being contemplated.
