Credit Suisse has appointed two new leaders of its European investment bank, following Jens Welter’s resignation to join Citigroup after 27 years in the position.
In a document viewed by financial reporters and verified by a Credit Suisse official, Cathal Deasy and Giuseppe Monarchi have been named co-heads of investment banking and capital markets for Europe, the Middle East, and Africa.
Also, the two dealmakers will continue to fulfill their present duties, she stressed. Deasy is currently Credit Suisse’s global co-head of M&A, and Monarchi co-directs the European coverage team with Jens Haas.
Welter, who oversaw the division of consumer and retail investment banking at Credit Suisse and served as co-head of global banking there as well, will join Citigroup in December in the role of co-head of banking, capital markets, and advising.
The announcement stated that David Wah, who was appointed Welter’s co-global co-head of banking in January, will take sole charge of the department.
However, after two scandals, Welter is the most recent senior dealmaker to quit Credit Suisse. This comes before another corporate upheaval in October, which anticipated to affect its investment bank.
Moreover, following the failure of the family office Archegos Capital in March of last year, the Swiss bank suffered a loss of $5.5 billion. Since then, the bank has lost about 70 senior dealmakers, but it has hired new employees to replace them.
Last year, Citigroup appointed Nacho Gutiérrez as the head of its European investment banking division with a four-year goal of reaching the top of the pay scale. Also, Gutiérrez said in a memo to the staff that Welter’s hiring would “consolidate our leadership position in the region.”
Although some of its competitors, like Goldman Sachs, have reduced their staff in the wake of a decline in fees, the US bank has consistently hired expertise to its deal-making division.
