The Swiss bank has made senior hires with the creation of a global banking platform recombining the investment banking businesses in APAC and Switzerland with its existing capital markets and advisory business, and rebranding to investment banking and capital markets.
Credit Suisse has made a raft of appointments within its investment banking and capital markets divisions at a time when the bank is moving to steady its business after a series of departures last year.
Christian Meissner, chief executive of international banking, has formed a management committee to lead and execute the firm's IB strategy. The strategy includes creating a global banking platform recombining the investment banking businesses in Asia-Pacific and Switzerland with the bank’s existing capital markets and advisory business, and rebranding to investment banking and capital markets (IBCM).
“A return to a global investment banking platform will greatly enhance our ability to serve our most important clients, expand in advisory services and key high growth sectors, as well as ensure optimal collaboration within our teams,” David Miller, head of investment banking and capital markets at Credit Suisse, said in a company memo seen by this news service.
Switzerland's second-largest bank has traditionally made a point of stressing its "one bank" model – putting wealth management, private banking, asset management and investment banking under one roof. Last year, it was hit by losses from the collapse of New York-based hedge fund/family office Archegos Capital (other banks were also hit), while its asset management arm sustained losses linked to the failings of UK-based Greensill Capital, a supply-chain finance firm. A number of C-suite changes have been made. Last year, the bank announced that it was cutting risk exposures on the investment banking side.
As part of the reshaping, David Wah, who leads the business in North America, and European investment banking head Jens Welter have been appointed co-heads of global banking, including mergers and acquisition, industry and country coverage. Welter will continue as head of EMEA IBCM. Harold Bogle was named chairman of ICBM.
Meissner said that the newly-formed group would focus on delivering the bank’s capabilities globally and, along with the financial sponsors and capital markets group, would grow its market share across the priority products within M&A and capital markets. ICBM will also target high-growth sectors and emerging opportunities such as ESG transition and the transformation of industries. The new division will collaborate with wealth management via a full mid-market platform to deliver solutions for wealth management-focused companies.
Jens Haas, who leads the bank’s Swiss investment banking business, and Giuseppe Monarchi, who heads its telecoms, media and technology banking coverage, were named co-heads of EMEA coverage. Haas and Monarchi will both report to Welter and Wah. David Miller remains global head of investment banking and capital markets.