Credit Suisse Credit Head McCarthy, Banking's Welter Exit Firm




  • In Business
  • 2022-09-28 07:36:19Z
  • By Bloomberg
 

(Bloomberg) -- Credit Suisse Group AG's global head of credit products, Danny McCarthy, and co-head of global banking, Jens Welter, are departing the firm ahead of a planned restructuring that will attempt to restore the bank to profitability and curb risk.

Most Read from Bloomberg

  • Germany Suspects Sabotage Hit Russia's Nord Stream Pipelines

  • Apple Ditches iPhone Production Increase After Demand Falters

  • Alzheimer's Progression Slowed by Drug in Major Trial

  • Putin's Mobilization Hits Russia's Economy in Its Weak Spots

  • US Housing Prices Fall for First Time Since 2012

After a 27-year career at the Swiss company, Welter will become the new co-head of European investment banking at Citigroup Inc., alongside Ignacio Gutierrez-Orrantia, according to a memo from the New York-based bank Tuesday. McCarthy has left Zurich-based Credit Suisse to pursue other opportunities, according to a memo seen by Bloomberg.

"Jens is an exceptional banker, a great leader and has deep client relationships," Chuck Adams, Citigroup's global head of health-care, consumer and retail investment banking, said in an interview. "A lot of his experience has come from doing consumer-facing transactions, which is entirely in line with what we're trying to accomplish as it relates to the convergence across the health-care and consumer sectors."

Credit Suisse is in the throes of what is expected to be a major restructuring of the investment bank as new Chief Executive Officer Ulrich Koerner seeks to return the lender to profitability and put an end to a string of scandals. The company also has floated the idea of giving dealmakers an equity stake in their unit, auguring a possible spinout, Bloomberg has reported, and has considered reviving the First Boston branding.

Credit Suisse shares fell in early Zurich trading, down more than 5% to 3.75 Swiss francs as of 9:35 a.m.

David Wah was appointed sole global head of banking, effective immediately, according to a memo to staff from David Miller, global head of investment banking and capital markets. Wah will continue to be based in New York and lead the bank's client advisory group. He's been a part of the bank's technology franchise since 1996, advising on mergers and acquisitions, initial public offerings and leveraged buyouts, according to the memo.

Credit Suisse also named Cathal Deasy and Giuseppe Monarchi co-heads of investment-banking capital markets in Europe, the Middle East, and Africa, in addition to their existing responsibilities, according to an internal memo seen by Bloomberg. They will both continue to be based in London, reporting to Wah, with Deasy remaining global co-head of M&A and Monarchi staying co-head of EMEA coverage.

Joel S. Kent is set to replace McCarthy, according to a separate memo.

"We will work together with Danny to ensure a seamless transition of his duties," Miller and Jay Kim, global head of investment-banking credit, wrote in a memo.

Credit Suisse confirmed the contents of the memos.

(Updates with shares in fifth paragraph)

Most Read from Bloomberg Businessweek

  • Mental Health Crisis Leads Hospitals to Create a New Type of ER

  • As Home Prices Surge, Americans Are Moving to Cheaper Places

  • The Supreme Court Is About to Display Its Power Imbalance Again

  • Google's Low-Tech Plan to Solve the Opioid Crisis

  • TikTok Steers Its Charm Offensive Around Loudest Critics in DC

©2022 Bloomberg L.P.

COMMENTS

More Related News

BuzzFeed Smashes Records for Trading Volume on OpenAI Frenzy
BuzzFeed Smashes Records for Trading Volume on OpenAI Frenzy

(Bloomberg) -- Companies tied to artificial intelligence services recorded some of their highest trading volumes on record this month, amid a frenzy of...

US Offices Reach 50% Occupancy for First Time Since Pandemic Hit
US Offices Reach 50% Occupancy for First Time Since Pandemic Hit

(Bloomberg) -- More than half of workers in major US cities went to the office last week, the first time that return-to-office rates crossed 50% of their pre...

J&J Can
J&J Can't Use Bankruptcy to End Cancer Suits Over Baby Powder, Court Says

(Bloomberg) -- Johnson & Johnson can't use bankruptcy to resolve more than 40,000 cancer lawsuits over its baby powder, a federal appeals court ruled. Most...

UK Firefighters to Strike Over Pay, First Time in 20 Years
UK Firefighters to Strike Over Pay, First Time in 20 Years
  • World
  • 2023-01-30 17:11:15Z

(Bloomberg) -- UK firefighters voted to strike over pay and conditions, adding to a snowballing wave of industrial unrest that's swept through the British...

Power Crisis Triggers Water Cuts in South Africa
Power Crisis Triggers Water Cuts in South Africa's Economic Hub
  • World
  • 2023-01-30 12:46:16Z

(Bloomberg) -- Parts of Johannesburg, South Africa's economic hub, are being subjected to renewed water-supply cuts as ongoing electricity shortages disrupt ...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • paeez.shop
    (2022-09-28 16:02:58Z)

    appliance shop
    fridge
    fridge
    toaster
    oven
    oven toaster
    oven toaster
    toaster oven
    toaster oven
    vacuum cleaner

    REPLY

Top News: Business