A rainmaker is said to be leaving the investment bank of Credit Suisse in Frankfurt. The major restructuring of the division will have to take place without the German.
Joachim von der Goltz, one of the heads of the capital markets business in Frankfurt am Main, is leaving Credit Suisse after eight years of service, according to a «Handelsblatt» (in German, paywall) report citing anonymous sources.
Von der Goltz follows other investment bankers in key roles at the Swiss bank, such as Jens Welter, co-head of global banking, who was only appointed earlier this year, and Daniel McCarthy, head of global credit products.
Hanging Out his Own Shingle
Credit Suisse announced a major restructuring of its investment bank at the end of October, incorporating the global capital markets business into the newly launched CS First Boston starting next year, under the leadership of the current board member Michael Klein. The plan is that third-party investors and employees can also participate in the spin-off, something von der Goltz seemingly decided against.
According to the report, he is now setting up his own business as a consultant, having worked for investment banks in Frankfurt for a good quarter of a century. In addition to Credit Suisse, he had stints at UBS, JP Morgan, and Deutsche Bank. Over his career, he organized Deutsche Bank's rescue through capital increases, raised capital for Bayer and Infineon, and floated Deutsche Post and Deutsche Bank's fund subsidiary DWS, among others.
