Those who can, go. Credit Suisse continues to lose top investment bankers, and now a top manager with extensive chemical sector experience is moving to a major British bank.
At Credit Suisse, the exodus of top executives continues unabated with Spyros Svoronos leaving the bank to join British rival Barclays as global co-head of the industrial business.
At least 120 senior investment bankers have left the company acquired by UBS, finews.com reported. The churn rate at the Credit Suisse investment bank is higher than UBS expected before the integration work began, as was learned from insiders.
Extensive Chemical Sector Experience
Svoronos, who specializes in chemical transactions, is moving to Barclays to join the investment banking management team, where he will head the Industrials Group together with John Lange, according to a memo seen by «Bloomberg» (behind paywall). Most recently, he was global head of industrials in investment banking and capital markets at Credit Suisse.
While Barclays confirmed the contents of the memo, Credit Suisse declined to comment.
Svoronos has been involved in large chemical sector transactions, including the $46 billion merger of industrial gases groups Praxair and Linde in 2018, and played a role in the acquisition of Monsanto by Germany's Bayer, among other deals.
Returned from Lazard
He returned to Credit Suisse last year after a brief stint at the US financial firm Lazard, where he was the global head of the chemicals sector. He worked for Credit Suisse for over two decades before joining the New York-based investment bank.
Many international banks are sensing their chance and taking advantage of the opportunities presented by the uncertainties at Credit Suisse and they continue to poach senior bankers and top talent from Credit Suisse. Deutsche Bank is the most aggressive recruiter, having hired around 40 former Credit Suisse bankers worldwide.
