The Swiss bank is reportedly losing its top dealmaker to a U.S. competitor, the latest in what is shaping up to be a series of exits following damaging scandals Greensill and Archegos.
Morgan Stanley is poaching Credit Suisse's global head of mergers and acquisitions Greg Weinberger, «The Wall Street Journal» (behind paywall) reported on Wednesday, citing undisclosed sources. Weinberger is the most prominent executive to depart since top investment banker Brian Chin and risk and compliance chief Lara Warner resigned.
The exit of Weinberger, who has been with the Zurich-based bank for 25 years save for a brief stint elsewhere on Wall Street according to the U.S. outlet, follows that of star credit trader Hamza Lemssouguer last week, and that of Alejandro Przygoda, a well-known financial services banker, with a team last month.
Neutered Of Risk-Taking
The exodus follows Credit Suisse's entanglement with both Archegos, on which it lost $5 billion, as well as Greensill, which promises to be a long, painful legal battle as well as awkward conversations with wealthy clients in its private bank over recompense.
The departures come against the backdrop of an investment bank neutered of risk-taking, uncertain bonuses prospects, and a wider review of strategy, risk, and culture. Credit Suisse ranked fifth in mergers and acquisitions last year, according to data from Refinitiv, behind Goldman Sachs, Morgan Stanley, J.P. Morgan, and Evercore.
