Canadian bank swoops in for Credit Suisse MDs
Credit Suisse is still leaching managing directors (MDs). This time, we understand it's a Canadian bank that's hiring them.
Sources say two Credit Suisse MDs - Michael McCormick, the London-based head of debt capital markets (DCM) advisory, and Shanx Tandon, the head of EMEA financials DCM syndicate, are leaving.
The two men are understood to be joining Bank of Montreal (BMO) Capital Markets.
Credit Suisse declined to comment. Neither McCormick, Tandon, or BMO responded to a request to enlighten us.
Credit Suisse has yet to announce or to pay its bonuses, so it might be supposed that people there would hang on for a little longer to find out what they've got. Equally, however, Credit Suisse has let it be known that its bonuses won't be great this year and that a proportion will have to be paid back (plus tax) if people leave within three years of receiving them. Combined with the Swiss bank's ongoing restructuring and plans to cut 9,000 jobs before 2025, this might be why McCormick and Tandon appear to have decided that this is an opportune moment for moving on. Tandon had been at Credit Suisse for seven years. McCormick had been there since 2014.
McCormick and Tandon aren't the only ones leaving, and BMO isn't the only place hiring. In the U.S., Joe Larsen, an MD in leveraged finance origination has gone to Texas Capital Securities in Dallas and Steve Martorana, in rates and FX risk management has become the latest in a long line of CS people to join Deutsche Bank. As we were first to report, various CS securitized product traders have also joined Mizuho, which we understand compensated them for the entirety of last year's Credit Suisse bonuses.
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