Christian Meissner, who took over the Swiss lender's investment bank last month from Brian Chin following $4.7 billion in losses on Archegos, is appointing two executives as operating chiefs of the unit.
Warren Young and Elodie Blanc are the new operating co-chiefs of Credit Suisse's investment bank, according to «Bloomberg» citing an internal memo. The duo follow Amy Hudson, who is staying with the Swiss bank but moving to a business development job, the news agency reported.
Young, currently strategy chief and operational chief of capital markets, will remain in New York while Blanc will be stationed in London, where she is currently deputy head of capital markets and advisory in Europe.
Stanching Exits
The appointments represent the first major personnel change under Christian Meissner, whom Credit Suisse hired last year. A veteran Austrian banker, Meissner's job was to better link up investment banking with its private bank, where it manages just under $700 billion in a flagship international wealth arm as well as on behalf of Asian clients.
However, Credit Suisse hastily dispatched him to its investment bank last month after the unit suffered $4.7 billion in losses on Archegos. One of Meissner's key challenges will be to keep bankers sweet despite the prospect of a bonus battle amid the losses.
Risk-Taking Shackled
A key team of financial services bankers around dealmaker Alejandro Przygoda have already defected, while the bank reportedly halted the launch of a credit fund, Arini, under star Hamza Lemssouguer.
The wider unit's risk-taking is shackled as Credit Suisse works its way through reviews of both Archegos as well as Greensill, which have sparked regulatory scrutiny as well as legal action.
