Credit Suisse's head of investment banking in Australia and New Zealand is leaving the Swiss bank suddenly. The former UBS veteran had been with Credit Suisse less than two years.
Michael Stock was one of two high-profile hires for Credit Suisse late in 2015 from hometown rival UBS. Less than two years later, the dealmaker is out at Credit Suisse, «Australian Financial Review» reported on Wednesday, citing sources.
AFR didn't cite a reason for the rupture, but said that Stock's boss, John Knox, would take over responsibility for investment banking and capital markets oversight. A long-standing Credit Suisse investment banker, Knox was promoted to overall head of Australia for all the Swiss bank's businesses by Asia head Helman Sitohang shortly before Stock joined.
«Ultra-Competitive»
Just last week, Stock had been listed among Australia's top power brokers in an annual list compiled by «AFR,» which lauded him as «the type of banker directors want on their side of the deal: uncompromising, ultra-competitive and with excruciating attention to detail.»
Stock couldn't be reached for comment and a spokesman for Credit Suisse wasn't immediately available to confirm the exit or comment on the bank's plans.
