On Tuesday 3 January 2023, Credit Suisse announced several changes to its staff following the departure of Cathal Deasy, co-head of its European investment banking operation.
According to internal memos and a company spokesperson, the bank has appointed Giuseppe Monarchi as the sole head of Investment Banking & Capital Markets (IBCM) for Europe, the Middle East, and Africa (EMEA), and Steven Geller as the sole global head of M&A.
A strategic re-shuffle
The bank is currently undergoing an overhaul that includes spinning off its investment bank into a new entity. Deasy’s departure is part of this overhaul, which also involves cutting thousands of jobs and shifting the bank’s focus from investment banking to wealth management.
In addition to the promotions, Credit Suisse has also hired Credit Agricole banker Gen Oba as co-head of IBCM in France, Belgium, and Luxembourg.
Deasy’s exit follows a string of other departures as Credit Suisse works to restructure its business. It remains to be seen how these changes will affect the bank’s operations, but it is clear that Credit Suisse is making significant moves to reshape its investment banking division.
Credit Suisse playing chess – checkmate
Overall, the restructuring at Credit Suisse seems to be an effort to streamline the bank’s operations and shift its focus towards more stable areas of the financial industry.
While it is always difficult to say how these changes will ultimately impact the bank’s performance, it is clear that Credit Suisse is making a concerted effort to adapt to the constantly changing landscape of the financial industry.
Only time will tell if these moves pay off for the Swiss lender.