In theory, the shake-up in Credit Suisse’s investment bank is centred around its global markets business. In fact, managing directors in IBD are departing too.
Frank Napolitano, a managing director and group head of global power an renewables investment banking in New York, left in August after two years in the role. Napolitano joined from RBC Capital Markets in 2014 at a time when Credit Suisse was expanding its energy investment banking team in the U.S.
Milan Elezovic has also left. Elezovic was a managing director focused on capital markets within the emerging markets group at Credit Suisse in London. He left in August and had been with the bank since April 2008, after joining from Morgan Stanley.
One of the only known significant hires at Credit Suisse over the same period is Raymond Raimondi, who joined as head of industrials M&A from Barclays in August, based in New York. In London, Cathal Deasy is set to join Credit Suisse as head of M&A for EMEA in October. He joins from Deutsche Bank.
Credit Suisse is making cuts to its investment bank, primarily within its London operation. In theory, the back office is most likely to be affected as the bank moves jobs offshore, but it’s also moved some of its prime services trading jobs to Dublin. However, its global markets business has continued to expand despite the cost-cutting – with 250 more people working there at the end of the first half of 2016 than at the same point last year. Conversely, within the investment banking advisory business, net headcount fell by 80 people between Q1 and Q2.
While its London operation shrinks, Credit Suisse has actually been adding senior investment bankers in New York. Rose Lee, who was most recently a managing director at Goldman Sachs, joined as head of structured products development in August, while John Nadel came in as a managing director within equity research. Charlie Buckley joined in July as head of a new investment banking business focused on ultra high net worth coverage.
It’s been a tumultuous week in the markets divisions at most investment banks, with Credit Suisse replacing Tim O’Hara as head of global markets business with Brian Chin, who has been mandated to improve the performance of its equities business. J.P. Morgan has also promoted internally within its equities business after the departure of former boss Tim Thromsby, who left to run Barclays’ investment bank.