Credit Suisse European CLO chief jumps ship for SocGen
UBS’ takeover of Credit Suisse might have netted it $29bn, but that doesn’t mean it’s interested in keeping too many of the people that made that happen – even some of Credit Suisse’s best are only on secondment to their new overlords.
One of those who’s left the new entity is Michael Malek. Malek was a 16-year-veteran of Credit Suisse’s Collateralized Loan Obligation (CLO) structuring team, heading up CS’ European offering for over a decade – for eight years in London, and then later in Paris. He announced yesterday that he's joined SocGen, heading up its own EMEA CLO team in the French capital.
“Only The Brave” might have been a signature perfume for clothing brand Diesel, but it’s probably also a useful motto for those stepping into SocGen today. There’s nothing going massively wrong at the bank – its Q2 results were pretty good – but the bank is at a bit of a crossroads at the moment.
It’s got a new(-ish) CEO, Slawomir Krupa, with a strong mandate from the board: do what you did to the investment bank. That means “cost cutting and addressing trading risks,” according to Reuters, and heads very possibly rolling. Not that that’s stopped the bank from adding people worldwide and across a variety of teams.
Oh, and if you’re reading “CLO” and your nose is upturning with memories of what went down in 2008, don’t stress too much. CLO specialists have been back in demand for a little while now, and money-making opportunities in the space are growing. Strap in.
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