By David French
NEW YORK (Reuters) -Credit Suisse Group has named a trio of dealmakers to run its global mergers and acquisitions practice, in a leadership reshuffle after the previous chief's departure from Switzerland's second largest bank.
The changes follow a wave of investment bankers leaving the bank after bonuses were cut to tackle losses of more than $5 billion from the collapse of U.S. investment firm Archegos and British supply chain financier Greensill Capital.
David Wah has been elevated to global head of advisory, effective immediately, according to a memo seen by Reuters. A bank spokesperson confirmed the contents on Wednesday.
Wah will continue to head Credit Suisse (SIX:CSGN)'s client advisory group, a team of senior bankers formed during the coronavirus pandemic to focus on the bank's best clients.
Cathal Deasy and Steven Geller have been promoted to global co-heads of the mergers and acquisitions practice. London-based Deasy was previously head of dealmaking in Europe, the Middle East and Africa, while Geller ran M&A in the Americas and globally within the bank's technology-focused unit.
The deals the two have worked on include the combination of DuPont (NYSE:DD)'s nutrition and bioscience business with IFF , and the acquisition by FIS of rival Worldpay, the memo added.
The changes come after veteran Credit Suisse dealmaker Greg Weinberger, who had led the bank's global M&A franchise, departed for Morgan Stanley (N:MS), a source familiar with the matter told Reuters earlier on Wednesday.
In recent weeks, several of Credit Suisse's most senior dealmakers advising other financial institutions (FIG) on mergers and other strategic matters have left, including Alejandro Przygoda, the global head of FIG.