Credit Suisse shakes up top executives at European investment bank

Credit Suisse has made a sweeping set of personnel changes at the top of its European investment bank in a bid to promote a younger generation of bankers and to challenge the US banks which have solidified their place as the most dominate forces in the region.

Jens Welter, a top consumer industry banker, and Mathew Cestar, an experienced leveraged finance specialist, have been appointed co-heads of investment banking and capital markets for the Europe, Middle East and Africa, according to one of several internal memos released on Monday by the bank and reviewed by the FT.

Both will continue in their existing roles with Mr Welter, 44, retaining his position as the bank’s co-head of global consumer products and retail group, while Mr Cestar remaining as chair of the global credit products commitment committee and coordinating all of the bank’s underwriting activity.

Henrik Aslaksen, a veteran advisory banker who joined from Deutsche Bank just over a year ago, has been named executive chairman of the division and will work closely with the two men on strategy and resource planning.

Soon after Mr Aslaksen joined, the bank also named another Deutsche Bank executive Cathal Deasy, 42, as its European head of mergers and acquisitions.

The promotions mean that the previous regional co-heads, Marisa Drew and Mark Echlin, will be moved. Ms Drew has been named as head of a newly established unit at the bank focused on impact investing and philanthropic advisory services for clients, while Mr Echlin was appointed chairman of Credit Suisse’s UK investment banking division.

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Credit Suisse ranks eighth in European investment banking revenues league tables and seventh in mergers & acquisition volumes, according to year to date data from Dealogic. The top four positions in both categories are held by US banks.

Other moves the bank announced:

Giuseppe Monarchi, who runs European media & telecoms advisory, has joined the global operating committee for the investment banking division.

Jonathan Moore has been named head of global credit products for EMEA, a role which he previously co-led with Mr Cestar

Mark Walsh will join the bank’s European leveraged finance capital markets team from the investment bank and co-run the team with David Ross, who previously headed leveraged finance for Europe at Bank of America, will join the bank in October.

Jeff Cohen was named sole global head of leveraged finance and capital markets.