Credit Suisse promoted some new MDs while ejecting old ones 🔥
It's managing director day at Credit Suisse, and given that the Swiss bank needs to keep its preferred people happy while simultaneously restructuring the business and paying what are likely to be some fairly miserable bonuses, it's complicated.
Credit Suisse is due to release its full MD list sometime soon, but the names are already circulating internally. Last year, it named 208 MDs of whom 78 were in the investment bank. This year, it might feasibly promote even MDs - title inflation is a good way of retaining people in a world where money is tight.
For the moment, the names of the MDs that we have are in the US securitized products group that's going to Apollo (or maybe Mizuho 🤔) and are in NYC. They include: Manoj Gupta (ABS structuring), Faisal Kazmi (Asset Finance Capital Markets Group), Rob Lecky, Serena Lin (head of agency mortgage pass through trading), Dominic Obaditch, Jason Ruchelsman (who manages the asset-backed transportation lending book) and Tom Sabol (head of securitized products repo and short term sales). The fact of their promotion implies that these are people CS would like to keep. It's also notable that there are no MDs (we understand) in global credit products in Europe, where layoffs have been harsh.
While it's promoting its new MDs, Credit Suisse is also RiFfing old ones. David Dinanno, a New York MD in investment grade syndicate who'd been with the bank since 1998 is understood to be leaving, for example.
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