If Credit Suisse's investment bank is known for anything (apart from private banking), it's asset financing and securitization. The bank has one of the top securitization businesses globally, as evinced by the fact that Brian Chin, former head of the investment bank, rose up through the securitization ranks. But insiders say Credit Suisse's key business has been struck by a wave of departures.
Last week, Sixth Street, a global investment firm, announced that it had recruited Mike Dryden, the former global head of securitized products finance at Credit Suisse, to run a new structured products platform. Dryden, who had been at Credit Suisse for ten years after joining from Barclays, still works for Credit Suisse according to his FINRA registration. He'll be based out of Sixth Street in New York.
Insiders say Dryden was a key rainmaker for Credit Suisse's U.S. business, and that when he's able to recruit from Credit Suisse (in around six months' time, when his non-compete is expected to run out), other Credit Suisse asset finance professionals are likely to join him.
In the meantime, he's not the only Credit Suisse banker to leave. Other exits include Oliver Nisenson, one of Dryden's key lieutenants, who's understood to be leaving the bank after eight years for Blackstone. Kelly McGann, one of Credit Suisse's top women in securitization sales in New York, is also understood to have resigned in the past week.
Credit Suisse declined to comment on the exits. They come after the investment bank made a CHF3.7bn loss last year, prompting a reduction in the bonus pool, the clawing back of previous years' bonuses in global markets, and the payment of a new cash-bonus, all or some of which has to be returned (plus tax) if recipients leave within three years.
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