An investment banker who was with Credit Suisse for three decades is leaving UBS after it formally took over the troubled Swiss bank earlier this month.
David Wah, the global head of Credit Suisse's investment banking & capital markets (IBCM) unit tendered his resignation to UBS, according to a «Bloomberg» (behind paywall) story citing a memo it obtained.
Wah didn't say what his plans are, although at least for the time being he will be helping with the integration of the two entities.
Michael Ebert, the head of Credit Suisse's investment bank who wrote the memo said of Wah «His impact cannot be adequately summarized here, but we are grateful that he has agreed to help during the transition.»
Co-Heads for Transition
In addition, three co-head for transition were named.
David Kostel and Marc Warm will serve as transition co-heads in the Americas, while Michael Furber and Jonathan Grundy assume the roles in Europe, with Kuan-Ern Tan and Christian Deiss helming the Asia Pacific roles.
Ebert said Credit Suisse executives in global roles should continue their duties and clarity on management structure will «come shortly». This echoes comments made earlier this week by UBS CEO Sergio Ermotti, that a third round of management changes affecting up to 1,500 employees will take place in the next 20 days, as finews.com reported.
CS First Boston
According to the report, Wah was said to have been instrumental in the deal in which Michael Klein's firm would have controlled a large part of Credit Suisse's investment bank. The deal fell apart after UBS was forced by the government to take over Credit Suisse.
