Credit Suisse has named two new leaders of its European investment bank after 27-year veteran Jens Welter quit to join Citigroup.
Cathal Deasy and Giuseppe Monarchi have been named co-heads of investment banking and capital markets for Europe, the Middle East and Africa, according to a memo seen by Financial News and confirmed by a Credit Suisse spokesperson.
The two dealmakers will maintain their current responsibilities, it added. Deasy is currently global co-head of mergers and acquisitions at Credit Suisse, while Monarchi leads its European coverage team alongside Jens Haas.
Welter, who was also co-head of global banking at Credit Suisse, is set to join Citigroup as co-head of banking, capital markets and advisory in December, and will also chair its consumer and retail investment banking unit.
READ Citigroup hires Credit Suisse’s Jens Welter to co-head European investment bank
David Wah, who was named global co-head of banking alongside Welter in January, will take sole charge of the unit, the memo added. Wah is based in New York.
Welter is the latest senior dealmaker to quit Credit Suisse in the wake of successive scandals and ahead of a fresh shake-up of its business in October that is expected to hit its investment bank. The Swiss bank lost $5.5bn after the collapse of family office Archegos Capital in March last year. Around 70 senior dealmakers have departed the bank since then, but it has been hiring to replenish its ranks.
Citigroup installed Nacho Gutiérrez as head of its European investment banking unit last year, and has plans to move up to the top of the fee league tables within four years. In a memo to staff, Gutiérrez said Welter’s appointment would “solidify our leadership position in the region”.
The US bank has continued to add talent to its dealmaking team even as some rivals including Goldman Sachs have trimmed their ranks in the wake of a slump in fees.
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Source: fnlondon.com
