The Swiss bank is ramping up hiring of key dealmakers in its investment bank. This represents a bid to retrench following an annus horribilis in other parts of its securities arm.
Credit Suisse's top investment banker, Christian Meissner, is moving to defend the Zurich-based bank's franchise with a swath of hires in London as well as in the U.S., according to a memo made available to finews.com. Meissner conceded last week that the Swiss bank had lost more than it would have liked through the ructions of Archegos and Greensill.
«We will be investing aggressively in growth sectors including technology, healthcare, industrials and importantly, areas that relate to ESG and sustainability,» Meisser told investors last Thursday. «Rebuilding our market share in M&A and reinvesting in our EMEA and corporate franchises are core priorities as is maintaining our outstanding U.S. franchise.»
Filling Gaps
Specifically, the Swiss bank has made internal appointments as well as hired nine managing directors, or MDs, in both the wider European, Middle East and Africa region as well as the Americas thus far this year, according to the compilation, first reported by «Financial News» (behind paywall) on Friday.
These include Morgan Stanley industrial banker Kyle Berry; Centerview healthcare banker (and Credit Suisse alum) Mark Filenbaum; and Chris Sanger, an Evercore dealmaker specialized in financial institutions. The additions of MDs is significantly higher than the average of the last three years, according to the bank's compilation.
M&A Boom
The hires come amidst a booming mergers and acquisitions market, during which Credit Suisse fell to 11th place in Refinitiv’s third-quarter league tables, from eighth place year-ago. Under Chairman António Horta-Osório, the bank's new-(old) strategy tightens the reins around its Paradeplatz headquarters.
Interestingly, neither big Swiss bank was listed as advising on one of the biggest recent deals in its home market: Sika's $6 billion purchase of a former BASF business (that honor went to Bank of America).
