According to internal memos obtained and verified by a corporate representative, Credit Suisse notified several employee changes on Tuesday following the resignation of the co-head of its European investment banking division.
The Swiss bank has selected Giuseppe Monarchi and Steven Geller to replace Cathal Deasy, who left the organization just months after being promoted to regional co-head of its Investment Banking & Capital Markets (IBCM) unit. The bank is amidst an overhaul that includes spinning off its investment bank into a newly rebranded entity.
Monarchi has been appointed the sole worldwide head of M&A, while Geller has been named the solo head of IBCM for Europe, the Middle East, and Africa. Additionally, Deasy’s duties as head of EMEA M&A have been assumed by William Mansfield, head of EMEA Consumer & Retail M&A.
Deasy’s departure, which Financial News broke first, is the most recent in a line of resignations as Credit Suisse begins a plan to lay off thousands of workers and move its emphasis from investment banking to more stable wealth management.
The shares of Credit Suisse increased on Tuesday
The Swiss lender also said that Gen Oba, a banker with Credit Agricole, had been hired as co-head of IBCM in France, Belgium, and Luxembourg in addition to the promotions. Tuesday’s trading saw an increase in Credit Suisse shares as the bank announced a personnel reorganization following Cathal Deasy’s resignation as co-chief of its European investment banking arm, according to Reuters.
Recent regional co-head of Credit Suisse’s Investment Banking & Capital Markets (IBCM) unit, Deasy, will be succeeded by Giuseppe Monarchi and Steven Geller, two seasoned executives. The action is part of a larger revamp at Credit Suisse, which also included spinning off its investment bank into a newly rebranded firm.
Monarchy will now oversee IBCM’s operations in Europe, the Middle East, and Africa (EMEA), while Geller will oversee the team in charge of mergers and acquisitions (M&A). Deasy’s resignation from Credit Suisse is the most recent in a string of departures as the bank goes through a massive reorganization that includes thousands of layoffs and a strategic shift away from investment banking toward reliable wealth management.
In addition to personnel changes, the bank appointed Gen Oba, a banker from Credit Agricole, as a new co-head of IBCM in France, Belgium, and Luxembourg.
The Swiss lender has had a challenging year, which has led to the announced employee changes. However, Credit Suisse’s problems started in 2020 when it was out that the bank had lost $5.5 billion due to its connections to the failed family office Archegos Capital.