The former head of Credit Suisse's investment bank is reportedly leaving the Swiss bank. He had only recently been «demoted» into a potentially more lucrative role.
Jim Amine is leaving Credit Suisse, IFR, a speciality outlet of Refinitiv, reported on Wednesday. The 24-year veteran of the Swiss bank had in November handed over his job as head of investment banking and capital markets, or IBCM, to David Miller, as finews.com reported.
Amine left Credit Suisse's C-suite for its asset management arm, where he was to set up a private debt fund. The vehicle was to be seeded by the Swiss bank – and Amine likely would have stood to gain financially in a share of future fees that is customary for such investments.
Credit Vehicle Merged
The highly illiquid asset class has seized up since the outbreak of the coronavirus pandemic. The unit was merged into Credit Suisse's credit investment group, or CIG, which is led by John Popp, IFR reported.
Amine, a CSFB lifer who joined in 1996 from white-collar law firm Cravath, Swaine & Moore in the U.S, had previously reported to Eric Varvel, another veteran of the Swiss bank's securities unit. A former associate who followed Amine into asset management, Matthew Cesar, the former head of IBCM in Europe, the Middle East, and Africa, will continue in the unit.
