The small investment bank sniffing around top Credit Suisse staff
As Credit Suisse employees eye the exits, one under the radar New York bank is said to be particularly interested in bringing them through its doors. Truist Securities is in the room.
Formed in 2020 from the integration of SunTrust Robinson Humphrey and BB&T Capital Markets, Truist Securities is only small with around 1,400 employees at its inception, but it's spent much of the last year quietly adding senior talent.
Those additions include an assortment of managing directors (MDs) from big banks, including: Kevin O'Hare, a Goldman Sachs VP and industrials banker who joined in February; Maharth Kapur, a former director of private capital markets at RBC who joined as head of private capital markets in November; or Michael Nemeroff, the head of software banking who joined last August after a decade at Credit Suisse.
Truist isn't commenting, but with Credit Suisse people uncertain about their futures at UBS, sources say that Michael Carter, the former RBC technology banker who runs Truist Securities, has spied an opportunity to stock on some more Nemeroff-type talent comparatively cheaply.
Unconfirmed reports suggest that Truist is particularly interested in Credit Suisse's top US leveraged finance professionals, including the long serving and hyper loyal team working under Jason Safriet, Credit Suisse's head of US credit sales and a close protégé of David Miller. MDs in Safriet's team include Brian Buchichio, who's been at Credit Suisse for 12 years; Joseph Friedman, who joined in 2003; Brian Harris, who joined in 2010; Micky McPartland, who joined in 2004; Brennan Smith, who joined in 2010; plus Emma Bramson, a VP, and Katelyn Sherry a director who's currently on maternity leave.
Although UBS is now said to be unexpectedly interested in retaining Credit Suisse's leveraged finance professionals, there's also a possibility that long-serving team members could vacate their new Swiss owner en masse. Truist is definitely building - we spied it adding high yield traders in January. It's also not averse to picking up people who are out of the market, having recently recruited James Colucci after he left Deutsche Bank.
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