The uncertainty surrounding the future of Credit Suisse's investment banking division is causing the personnel merry-go-round to spin faster and faster. Entire teams are looking for options.
Credit Suisse in London lost an essential dealmaker in industry expert Greg Dalle. After 23 years at the Swiss bank, he joins Citigroup as co-head of industrials banking, capital markets, and advisory in Europe, the Middle East, and Africa (EMEA), «Financial News» reported Friday, citing an internal memo.
At Credit Suisse, Dalle was co-head of the EMEA industrials group and global co-head of diversified industrials. The memo adds that he is the third senior dealmaker to join Citigroup in London this week. Maarten Swart also moved to Citigroup as co-head of consumer and retail, as did Sophie van Kleef as managing director for the food and beverage sector, it said.
Bargain Price Poaching
Following the distressed takeover of Credit Suisse by UBS, many employees of Credit Suisse's investment bank started looking for new jobs in London. In addition to Citigroup, JP Morgan, Deutsche Bank, and Jefferies are also interested in new recruits.
UBS managers have expressed interest in Credit Suisse investment bankers in the US and key sectors such as technology and healthcare in the wake of the takeover. But it will be a while before firm agreements can be made there.
Headhunters and bankers expect a wave of team changes and departures at Credit Suisse in the coming weeks. Competitors would try to poach dealmakers at a relatively low price.
