Credit Suisse has just announced a massive shake up
That didn’t take long.
A month after being appointed CEO of Credit Suisse’s investment banking and capital markets division, David Miller has shaken up the loss-making division with a new structure and new personnel.
Credit Suisse CEO Tidjane Thiam said he will beef up the bank’s M&A business after a difficult year but Miller also wanted to freshen up what he has and bring his bankers closer to clients after a difficult year for IBCM.
New York-based Miller, who took over from Jim Amine last month, has changed the entire make-up of the senior team, appointing Greg Weinberger as the bank’s new head of global mergers and acquisitions, and David Hermer as head of global equity capital market and debt capital markets solutions.
Credit Suisse has also changed the management in Europe, the Middle East and Africa, where Elodie Blanc has been promoted to a new role as deputy head of IBCM under Jens Welter, who has been sole head since Mathew Cestar joined Amine’s new private funds team last month.
Blanc is highly-regarded and will perform her new role in addition to her current job as EMEA chief operating officer for IBCM and will also continue to jointly lead the bank’s EU’s exit program.
In three memos seen by Efinancialcareers and confirmed by a Credit Suisse spokesperson, Miller has implemented a new structure for IBCM, carving up responsibility for the bank’s industry coverage between five coverage and advisory heads: Harold Bogle, who is responsible for the global industrials group, global oil and gas, ultra high net worth and corporate insights; Malcolm Price, who is in charge of financial sponsors, power and renewables and leveraged finance origination; Alejandro Przygoda, who leads global financial institutions; Robin Rankin, who was previously the bank’s long-serving global head of M&A, is responsible for Global healthcare, retail and consumer products and Latin America, and David Wah, who is responsible for global technonology, global media and telecoms and global real estate, gaming and lodging.
Credit Suisse has rolled out the coverage and advisory group across EMEA, with a string of new appointments who will report into Welter. Maarten Swart will be responsible for Consumer, Retail, Real Estate and Healthcare (CRRH). Within CRRH, Friedrich von Schwedler, who is currently on gardening leave and will join in January, will be co-head of healthcare with Thomas Bornemann. Manav Puri has been appointed Head of Consumer and Michael Heuberger is appointed Head of Retail. Jaime Riera and Steffen Doyle will continue as Co-Heads of Real Estate. Pierre Lescastereyres will lead Industrials and Energy, with David Sala as Head of Diversified Industrials and James Peterkin continuing as head of oil and gas.
Giuseppe Monarchi will continue to run Telecoms, Media and Technology while Armando Rubio-Alvarez and Max Mesny will continue to run the bank’s Financial Institutions Group in the region, and Freya Van Oorsouw remains as head of the Financial Sponsors Group.
In Europe, Cathal Deasy will continue as Head of M&A while Nick Koemtzopoulos has been appointed head of equity capital markets. Nishan Srinivasan and Michael Furber will continue as Co-Heads of Debt Capital Markets Solutions, while Furber will take on the additional responsibility for Equity Solutions, including equity derivatives
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