Two more seasoned veterans are leaving Credit Suisse. It also announced the promotion of two experienced dealmakers.
A mere eleven months after Jens Welter was promoted to co-head of London-based global investment banking, he is stepping down from the role, according to a «Reuters» report, with the head of global credit products, Daniel McCarthy also moving on.
New to Citigroup
Welter is moving to Citigroup, where he will become the new co-head of European investment banking and chairman of the consumer and retail advisory business. McCarthy wants to pursue new opportunities, according to «Reuters», citing an internal memo.
Internal Successors
The memo from David Miller, also obtained by finews.com, on Welter's departure also announced some new appointments.
Co-head David Wah will assume sole responsibility for Global Banking. He assumed responsibilities as co-head of Global Banking and additionally as co-head of Investment Banking and Capital Markets EMEA at the beginning of the year. The new co-heads of Investment Banking and Capital Markets EMEA are Cathal Deasy and Giuseppe Monarchi.
The memo noted that Monarchi advised clients on «several significant transactions», including Warburg Pincus and Apax on the $7 billion acquisition of TM NL from Deutsche Telekom.
Deasy joined Credit Suisse from Deutsche Bank in 2015, just as it was struggling with its own problems. Monarchi has been with Credit Suisse for 30 years and was previously in charge of Europe along with Jens Haas. Deasy was also involved in some large transactions, including the $45 billion merger of DuPont's Nutrition and Biosciences business with IFF.
Credit Suisse is in the middle of a comprehensive strategy review, with investment banking under particular scrutiny. The results of the strategy review are to be presented on October 27, along with its third quarter results.
