The never ending shakeup: Credit Suisse shuffle top bankers yet again

Credit Suisse announced a series of staff changes on Tuesday following the departure of the co-head of its European investment banking operation, according to internal memos seen by Reuters and confirmed by a company spokesperson.

The Swiss bank, in the midst of an overhaul that includes spinning-off its investment bank into a newly re-branded entity, has chosen veterans Giuseppe Monarchi and Steven Geller to take over from Cathal Deasy, who has left the bank just months after being promoted to regional co-head of its Investment Banking & Capital Markets (IBCM) unit.

Monarchi is now sole IBCM head for Europe, the Middle East and Africa (EMEA), whereas Geller has been named sole global head of M&A. Additionally, William Mansfield, head of EMEA Consumer & Retail M&A, has taken up Deasy’s responsibilities as head of EMEA M&A.

Deasy’s exit, which was first reported by Financial News, is the latest in a string of departures as Credit Suisse embarks on a plan to cut thousands of jobs and shift its focus from investment banking towards more stable wealth management.

Alongside the promotions, the Swiss lender also said it had hired Credit Agricole banker Gen Oba as co-head of IBCM in France, Belgium and Luxembourg.

Reuters