Trading Places: Meissner rises at Credit Suisse, Deutsche’s Spac hiring spree, Houlihan Lokey poaches five

The head of Credit Suisse’s investment bank, Brian Chin, and its chief risk officer, Lara Warner, are stepping down as the bank braces for a CHF900m loss in the first quarter from its exposure to the $20bn Archegos Capital Management fire sale that has rocked Wall Street.

Christian Meissner, one of the best-known dealmakers in investment banking, who joined the Swiss bank as co-head of international wealth management investment banking advisory in October, will take over leadership of Credit Suisse’s investment bank.

READCredit Suisse ousts top executives amid £3.4bn fallout from Archegos fire sale

Friends of Meissner told FN that he harboured ambitions to move up the ranks at the Swiss bank, but he wasn’t expecting a bigger role so quickly.

Deutsche Bank is bolstering its Spac expertise in Europe, as large investment banks in the City look to capitalise on the boom in blank-cheque vehicles expanding from Wall Street across the pond.

The German lender has been hiring for junior and mid-ranking talent to support Michele Cohen, its head of special purpose acquisition company origination in Europe, the Middle East and Africa, according to recruitment sources.

READ Deutsche Bank bolsters European Spac roster ahead of expected boom

Meanwhile, Deutsche is also training its broader team of investment bankers on Spacs in anticipation of the boom in blank cheque companies coming to Europe, said Henrik Johnsson, its global co-head of capital markets.

READ Citi expands staff Covid testing to ramp up return to Canary Wharf office

Somerset Capital Management, the asset management firm co-founded by Jacob Rees-Mogg in 2007,  has added two partners to its senior ranks as part of a strategy to pass the business “over to the next generation”.

Christopher White, a portfolio manager for Somerset Capital’s emerging markets mid-cap strategy, and Mark Williams, a portfolio manager for the firm’s Asia Income team were appointed equity partners in the business on 31 March, Dominic Johnson, the firm’s chief executive officer and co-founder, told Financial News.

READRees-Mogg’s Somerset Capital says it’s adding two partners as it shuns ‘numerous offers’

HSBC is shifting a senior dealmaker from Asia to the UK to focus on developing closer links between its investment bank and key clients within its commercial banking unit.

James Horsburgh, who has been leading HSBC’s leveraged and acquisition finance business in Asia-Pacific for the past four years, has been named as a managing director within its advisory and investment bank coverage unit for the UK and International Europe

READ HSBC shifts senior banker Horsburgh from Asia to focus on UK deals

Houlihan Lokey has poached five bankers from rivals to bolster its European healthcare team as the sector heats up amid a surge in deals.

The US-headquartered bank has hired Paul Tomasic from RBC Capital Markets as a managing director in its European healthcare investment banking team. It has also taken on Andrew Murray-Lyon from the Canadian bank as a director in the same team.

Tomasic has spent nearly seven years as head of European healthcare investment banking at RBC Capital Markets, having joined from Citigroup, where he was a managing director. Murray-Lyon spent over three years at RBC after joining from Lazard in 2017.

Houlihan Lokey has also bolstered the junior ranks of its European healthcare team with the recruitment of Federico Pavia Ghione, Owen Richards and Zofia Duffy.

READ Houlihan Lokey bolsters European healthcare team with five hires

JPMorgan boss Jamie Dimon warned that Brexit could force the US banking giant to shift all functions currently serving Europe from the UK across to the continent.

Dimon said that the US bank will see costs spiral as JPMorgan is forced to duplicate functions in both the City and a European location and that “few winners are likely to emerge from this fragmentation” as major European cities including Dublin, Frankfurt, Paris and Amsterdam make a grab for London’s long-held dominance in financial services.

READ Jamie Dimon warns Brexit ‘tipping point’ may shift more JPMorgan staff to Europe

Bank of America has named new leaders of its investment banking team advising firms in the natural resources sector, promoting a long-serving dealmaker into an executive vice chair role.

The US bank has named Ray Wood sole head of its global natural resources investment banking team, according to an internal memo seen by Financial News, and promoted his former co-head Julian Mylchreest into a role developing relationships with some of its key clients in Europe, the Middle East and Africa.

READ Bank of America shakes up natural resources team

The founding team of payments firm Currencycloud has reunited following the appointment of industry veteran John Hammond as Railsbank’s next chief commercial officer.

Hammond, who was CCO at Currencycloud, will join his former colleagues Nigel Verdon, Nick Bourner and Dov Marmor at Railsbank as the fintech startup expands internationally.

READ Currencycloud’s John Hammond rejoins co-founders as Railsbank executive

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