(Bloomberg) -- Credit Suisse Group AG is promoting 166 employees across the firm to managing director as the largest global investment banks go through their annual rites of rewarding staff.
A Credit Suisse spokeswoman confirmed the number of promotions but declined to comment further. The title elevations, which covered the Swiss firm’s investment bank and private-banking unit among others, were announced in a memo sent to staff on Wednesday, said three people briefed on the matter, who asked not to be identified because the announcement wasn’t made public. The bank also told staff of additional lower-level promotions, the people said.
In London, which has borne the brunt of Chief Executive Officer Tidjane Thiam’s restructuring, 19 bankers were promoted to the MD level, one of the people said. Most of the London promotions were made in the trading unit, which is led by Brian Chin, the person said. Some of the new managing directors include staff working in back-office functions.
The bank, which employs more than 46,000 people, is set for a final year of restructuring as it shifts capital from trading businesses to wealth management and other units with higher returns. Thiam has said that bankers shouldn’t expect big raises for this year.
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