Credit Suisse Moves Investment Bank Managers, Sees Revenue Gains
Oct. 15 (Bloomberg) — Credit Suisse Group AG overhauled senior management at a unit of its investment bank for Europe, the Middle East and Africa amid a “significant pickup in activity” across all businesses this year.
The Investment Banking Department, or IBD, housing the part of the investment bank that advises companies on mergers and acquisitions, bond and stock sales, reported an increase in revenue of $150 million so far this year, Marisa Drew and Mark Echlin, who lead the unit in EMEA, said in an internal memo obtained by Bloomberg. A spokeswoman at Credit Suisse in London confirmed the memo’s contents.
Credit Suisse, Switzerland’s second-largest bank after UBS AG, in July announced a reorganizaton of the investment bank’s macro business, housing fixed-income trading, after reporting its biggest quarterly loss since 2008 in the wake of a $2.6 billion fine to settle a U.S. tax investigation. The bank saw an increase in revenue at its investment bank in July and August, Chief Financial Officer David Mathers said on Sept. 9.
The bank appointed Vikas Seth as the sole head of mergers and acquisitions in EMEA as part of the management overhaul. William Mansfield was named head of financial sponsors mergers and acquisitions EMEA, while Matias Brechner was appointed EMEA head of sell-side M&A, according to the memo.
Joachim von der Goltz joined the bank this month as managing director and head of equity capital markets for Northern Europe, Credit Suisse said in the memo. He previously worked with UBS and JPMorgan Chase & Co. Helene von Roeder joined the bank last month from Morgan Stanley as chief executive officer of Germany, Austria and Central Europe.
Credit Suisse plans to promote from within while “selectively attracting senior talent from outside the bank” and adding junior bankers, according to the memo.
The move was first reported by the Wall Street Journal.
To contact the reporter on this story: Jeffrey Vögeli in Zurich at jvogeli@bloomberg.net To contact the editors responsible for this story: Elisa Martinuzzi at emartinuzzi@bloomberg.net Simone Meier, Edward Evans
