Credit Suisse Exodus in Full Swing as More Senior Bankers Leave
Credit Suisse Exodus in Full Swing as More Senior Bankers Leave
(Bloomberg) -- Credit Suisse Group AG is losing four additional senior bankers in the aftermath of scandals involving Archegos Capital Management and Greensill Capital, and has now suffered more than 30 defections.
Financial-institutions banker Max Mesny is leaving to be a partner at Perella Weinberg Partners. David Luwisch, a mergers and acquisitions banker, is moving to Morgan Stanley. Managing director Laurence Van Lancker departed to be chief financial officer at Italian gaming company Lottomatica SpA. And managing director William Young, who covered industrials, is joining Bank of America Corp. All the moves are according to people familiar with the matters, who asked to not be named discussing private business.
Credit Suisse has taken a hit exceeding $5 billion tied to the collapses of Archegos and Greensill. The losses prompted Moody’s Investors Service to cut the credit rating of the firm’s unit housing its investment bank and wealth manager, and pushed the company to seek to mitigate departures with retention payments for some executives.
Representatives at the Zurich-based bank declined to comment on all four departures.
London-based Mesny was most recently a chairman overseeing global financial technology at Credit Suisse and the financial-institutions group for Europe, Middle East and Africa, his LinkedIn profile shows. He joined Credit Suisse in 2018 after a decade at Morgan Stanley, and is known for his work on deals involving payments and market-structure firms.
Van Lancker was most recently Credit Suisse’s co-head of technology, media and telecommunications in Europe, the Middle East and Africa.
Luwisch, based in Los Angeles, is joining Morgan Stanley as a managing director within its M&A team. He was a managing director at Credit Suisse, and had worked at the firm for more than two decades, according to Financial Industry Regulatory Authority records.
Young will be a managing director in the industrials team at Bank of America, one of the people said, asking not to be identified discussing a private matter. New York-based Young had worked at Credit Suisse since 2006, Finra records show.
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