Credit Suisse's investment bank is already shrinking without much help from its new owner. Now, no less than eight investment bankers are leaving for Spain's Santander, including the global M&A head.
The direction that UBS is setting for investment banking is clear: shrink and reduce risks. Observers see the current departures as a second wave of a broader exodus.
Now at least eight high-ranking Credit Suisse bankers are leaving the company for Banco Santander, according to a «Bloomberg» (behind paywall) citing people familiar. In the process, Credit Suisse is losing Steve Geller, who was only promoted from co-head to sole global head of M&A in January.
Signs Emerge in April
Other departures cited include Rob Santangelo, co-head of energy and infrastructure, Tom Davidov from the Americas financial sponsors unit, and David Hermer in equity and debt capital markets. According to the report, Jeff Cohen, Max Lipkind, and Jonathan Moneypenny are moving to Santander from the leveraged finance division. A banker for the gaming division, Dean Decker, is also changing sides.
At the end of April, the «Financial Times» reported on talks between Santander and high-ranking Credit Suisse employees who were willing to move.
