UBS has opened the door for mostly junior bankers from Credit Suisse following the historic, $4.7b takeover of its former rival on Monday.
A few senior bankers on Wednesday started discussing the possibility of exit deals with Credit Suisse to improve negotiations at rival financial institutions, people familiar with the proceedings told. Managing director-level bankers are less likely to ask potential future employers for perks such as guaranteed bonuses if they can walk away from Credit Suisse with a payout.
Those left described Credit Suisse’s banking floor in Sydney as one devoid of the usual noise and activity that a busy investment bank is known for. Others have even noticed colleagues sharpening their resumes and engaging with recruitment firms as the search for new work ramped up. When in the office, some of Credit Suisse’s investment bankers also occasionally opted for casual clothes or gym gear rather than typical corporate banking attire as client meetings have thinned out.Front office bankers, nonetheless, continued to work clients despite Credit Suisse having little deal flow. Those seeking new opportunities, or people with another job, want to maximise their chances of transferring business with existing relationships to their next position, insiders said.
Sydney-based Karla Wynne was the latest managing director to exit Credit Suisse, leaving on Wednesday after almost two years with the investment bank. She will join Deutsche Bank in September as its head of consumer and healthcare for Australia and New Zealand. Credit Suisse’s former co-head of investment banking, Angelo Scasserra, started with Barrenjoey Partners’ private capital business as its head of real estate, theMr Scasserra’s former co-head, Dragi Ristevski, joined Macquarie Capital to lead private equity sponsor coverage, Street Talk
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Credit Suisse bankers eye exit packages as integration with UBS beginsUBS has opened the door for mostly junior bankers from Credit Suisse following the historic, $4.7b takeover of its former rival on Monday.
Read more »