The Swiss bank nabbed two advisers for its offices in Geneva including one devoted to the ultra-wealthy, finews.com has learned.
Zurich-based Credit Suisse is hiring Davide Lombardo (pictured below) as head of premium clients and wealthy families in Geneva, effective March 1, according to a memo seen by finews.com on Tuesday. Lombardo is currently head of wealth management in Switzerland at Deutsche Bank.
The bank is also hiring Ibitssam Loukili to head a Geneva-based team, effective December 1, also from Deutsche Bank. The German lender is also in the midst of a major hiring spree led by Claudio de Sanctis, formerly Credit Suisse's top European private banker.
Genevan Expansion
For Credit Suisse, Lombardo and Loukili (pictured below) represent an expansion of its existing franchise, the bank's head of ultra-rich Swiss clients Felix Baumgartner wrote in the memo. The duo both spent ten years at J.P. Morgan before their most recent stints of two years or less at Deutsche.
Baumgartner said he as well as Roger Weibel – Credit Suisse's head of private institutional clients in Zurich – will stand in until Lombardo joins the bank next year. A Credit Suisse spokesman confirmed the hires.
Credit Suisse posted a surprising outflow of 900 million Swiss francs ($985 million) in Switzerland in the second quarter, apparently due to ultra-wealthy clients decamping. This comes amidst dumpster fires in its investment bank (Archegos) as well as in its asset management unit, which sold supply chain funds managed by now-insolvent Greensill primarily to wealthy private clients of the Swiss bank.
