Credit Suisse hires Guez to lead the merger of investment banking and wealth management in France
Credit Suisse has hired a senior trader to launch a unit in France that provides investment banking services to its wealth management clients.
The Swiss bank has appointed Philippe Guez to head the investment banking advisory in wealth management for France, according to an internal memo consulted by Financial news.
âWe plan to set up the investment banking advisory function to meet the needs of our entrepreneurial clients by providing them with direct and advanced investment banking capabilities,â the memo said.
The unit was formed in July last year and initially headed by former Bank of America executive Christian Meissner, who has since been promoted to chief executive officer of Credit Suisse’s investment bank. It provides mid-sized investment banking services to clients of its wealth management division.
Large investment banks are increasingly operating small transactions, often forging closer ties between their commercial banking or wealth management divisions to do this.
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Guez, who is joining Atlas Financial Solutions, will report to Vincenzo De Falco and Stefan Gratzer, who co-lead the wealth management and investment banking advisory unit in Europe, as well as ValÃ©rie Landon, its managing director for France and Belgium.
Guez was also previously Head of Mergers and Acquisitions for France at Merrill Lynch.
Credit Suisse has lost around 55 top traders since March, when it disclosed its links to bankrupt family office Archegos Capital. The crisis has since cost the Swiss bank $ 5.5 billion. However, he moved quickly to fill the gaps, hiring 45 senior bankers throughout 2021.
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Meissner, who unveiled his strategy for the investment bank in November, focuses on building so-called small-cap businesses, including consulting, and said the bank was aggressively hiring staff as part of the scheme. redesign.
The bank has also largely closed its core services unit, which offers products and services to hedge funds and family offices, as part of the changes.
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