Finance

Credit Suisse hires Rothschild’s Shakhmin to boost London dealmaker team

Credit Suisse has hired a senior banker to lead its diversified industrials coverage in Europe, as the Swiss bank looks to replenish its roster of top dealmakers after a spate of departures.

Yuri Shakhmin is set to join the firm as a managing director for Europe, the Middle East and Africa, according to an internal memo seen by Financial News and confirmed by a bank spokesperson.

He will move from Rothschild in December and be based in London, said Greg Dalle and Pierre Lescastereyres, co-heads of the industrials and energy group, in the note.

Shakhmin has spent 16 years at the independent investment bank.

READ Six Credit Suisse dealmakers jump to Jefferies amid Archegos fallout

His appointment follows that of Emre Gunalp, who joined from BNP Paribas as global co-head of diversified industrials in August. Kyle Berry also joined the Swiss bank from Morgan Stanley in July as a managing director within its industrials investment banking team in London.

However, 22-year Credit Suisse veteran Davide Sala is set to move over to Barclays as head of industrials M&A in November.

The Swiss bank has lost around 20 senior dealmakers since the spring. The $5.5bn hit from the fallout of family office Archegos Capital’s demise and links with collapsed supply chain financer Greensill Capital are expected to hit its bankers’ bonuses, in the face of a bumper year for fees across the rest of the industry.

Credit Suisse is increasing salaries and rolling out special payouts to some staff to retain key dealmakers, FN reported.

READ Credit Suisse offers pay hikes to keep senior bankers as more depart in wake of Archegos

However, chief executive Thomas Gottstein said in a call with journalists during its second quarter results that departures were in line with its seven-year average. “While we have seen departures, notably in capital markets and advisory in the US, we have been investing in new hires across all major divisions including investment banking and in asset management,” he said.

In August, Credit Suisse unveiled Orazio Tarda as its new co-head of fintech investment banking in London.

To contact the author of this story with feedback or news, email Paul Clarke

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