US-Based Truist Financial is expanding its investment bank and hiring two veteran bankers with a Swiss banking pedigree. One comes from Credit Suisse and the other from UBS after some gardening leave.
Credit Suisse veteran Hayes Smith joins US firm Truist Financial's investment banking unit to help oversee its private equity company coverage after some gardening leave, according to a «Bloomberg» (behind paywall) story citing people familiar with the matter.
Smith joined Credit Suisse in 2001 and most recently worked in New York as a managing director. Prior experience came at Carlyle, Warburg Pincus, Veritas Capital, Cerberus Capital Management, and Kelso & Co., according to the story. Smith is leaving Credit Suisse at a time when it is undergoing a strategic review of its operations, with the investment bank seen as being the target of major cutbacks. Other options include a sale or being spun off, as finews.com reported.
UBS Veteran
Also joining Truist after a spell of gardening leave is Chris Cormier who was most recently a UBS managing director for US technology, media, and telecom equity capital markets. According to his Linkedin profile, he also was a managing director at Bank of America Merrill Lynch, before which he was at Deutsche Bank with the same title. He joined Credit Suisse in 2018.
Truist is based in Charlotte, North Carolina, and offers a wide array of banking services, including wealth management and investment banking. It was formed by the merger of BB&T and SunTrust.
All three firms declined to comment on the matter, and Smith and Cormier did not immediately respond to requests for comment, according to «Bloomberg».
