Credit Suisse struggles to stop the exodus when it leaves the main U.S. retailers

The top salesman of Credit Switzerland in the US has left, the last top employee to be removed from the Swiss bank, struggling to retain his main talent after a series of scandals that shattered workers ’morale.

Greg Weinberger, who has led the mergers and acquisitions business at Credit Suisse since 2019, will meet with Morgan Stanley this year, according to people with direct knowledge of the subject. He had been working in the bank for over 25 years.

Credit Suisse and Morgan Stanley declined to comment on the move, which was first reported by the Wall Street Journal.

The move by Weinberger serves as a consultant to a number of US corporations, including Chevron, following a wave of outflows across the bank following crises with Archegos Capital and Greensill Capital.

Earlier this year, the main brokerage unit serving hedge funds lost at least $ 5.5 billion in a coup at Bill Hwang’s family office in Archegos. Bankers who were not involved in the problem were angry because of Credit Suisse otherwise he would complain at least the best quarter in a decade, driven by capital markets and business M&A consulting.

The trade loss closed a $ 10 billion source in Credit Suisse, linked to the insolvent financial group Greensill Capital. It could cost the bank’s customers $ 3 billion and is being investigated by regulators around the world.

As a result, the head of Credit Switzerland’s investment bank, Brian Chin, left the bank along with Lara Warner, the head of risk and compliance. The heads of the main brokerage unit were also removed.

The new António Horta-Osório chair is committed to reducing the size of the investment bank, revising its culture and controlling risk-taking. Changing opportunities and further strategies led to many employees starting to look for jobs elsewhere, said several people within the lender.

Several Wall Street investment banks, bulge brackets and boutique companies have told the Financial Times that they are robbing, as well as receiving inquiries from Credit Suisse banks looking for work. A person who recently left said: “No one wants to be the last man to stand up.”

Other top defects following the twin scandals include Alejandro Przygoda, a senior adviser in the financial services sector at Credit Suisse, who went to Jefferies along with several members of his team. Andrew Conway and Charles Habib, two senior bankers in the consumer industry, left Bank of America and Morgan Stanley last week, respectively.

Barclays has hired a technology and media consultant from Ihsan Essaid Credit Suisse, who will lead the American M&A of the British investment bank.

Over the past decade, Credit Suisse has built a large M&A business, advising on a number of important transactions, including Chevron $ 13 billion purchase Noble US energy group and Charles Schwab’s $ 26 billion deal to buy US online brokerage TD Ameritrade.

To try to keep the key employees selected, Credit Suisse offers retention bonuses, according to several people who know the details.

However, the policy has exacerbated internal unrest due to not being generous enough and being offered to a small number of people, people have said that the managing directors and team leaders are above the lowest levels.

Shares of Credit Suisse have fallen 16 percent this year – a 32 percent rise in Morgan Stanley and a 15 percent gain in UBS’s domestic rival – another blow to workers who have seen the value of their backward salary fall in stock. .