Trading Places: All change at Credit Suisse, Barclays poaches from JPMorgan

This week’s job moves were dominated by Europe’s investment banks as second-quarter results season continued.

There was no bigger change than at Credit Suisse, which named Ulrich Körner as its new chief executive, ousting current boss Thomas Gottstein as the Swiss bank looks to recover from a series of scandals.

Barclays hired a JPMorgan dealmaker to lead and rebuild its coverage of consumer and retail companies in Europe following the departure of a number of bankers to Jefferies. Enrico Massaro is joining Barclays as head of the consumer and retail group for Europe, the Middle East and Africa.

Speaking of JPMorgan, you might want to check out the bank’s para powerlifter Micky Yule, who is juggling his job in operations with competing in the Commonwealth Games this week.

Bank of America’s co-head of private capital markets in Europe is leaving the US bank to join boutique PJT Partners. Aga Masud, who was promoted to head of private capital markets for Europe the Middle East and Africa last year, is set to join former Morgan Stanley dealmaker Paul Taubman’s boutique, according to two people with knowledge of the move.

Deutsche Bank’s global investment banking coverage and advisory head, Drew Goldman, is leaving the bank after more than 23 years. He is moving to the Abu Dhabi Investment Authority — the country’s sovereign wealth fund — as global head of real estate.

Boutique Moelis & Co created a new team of bankers targeting deals among blockchain and Web3 companies. The initiative will be led by John Momtazee, Moelis’ co-founder and global head of media investment banking, while Lou Kerner joins as an adviser.

Citigroup hired Uday Malhotra as co-head of loans and leveraged finance in Europe, the Middle East and Africa. He replaces Toby Ali, who moved to a new unit targeting deals from venture capital funds and family offices. Malhotra joins from Bank of America, which he joined just eight months ago.

Lazard hired a new chief financial officer from Citadel. Mary Ann Betsch will join the US-headquartered firm on 3 October.

Standard Chartered hired London Stock Exchange Group executive Andy Ross as global head of prime and financing, financing and securities services. Ross joins Standard Chartered from the now-shuttered derivatives platform CurveGlobal where he was CEO.

Barbara-Ann King will become the new CEO of Investec Wealth & Investment UK. King takes over from Ciaran Whelan, who took on the role in April 2020.

Over in professional services, Freshfields Bruckhaus Deringer became the latest law firm to break the £2m mark for average partner pay, as the City’s elite legal set continues to bolster its coffers. Profit per equity partner was £2.07m for the year ended 30 April, a record high and an 8% increase on £1.91m the previous year.

Litigation funder Therium also tapped up elite law firms for four new investment managers as it prepares to raise its largest-ever fund, the firm’s chief investment officer told Financial News. The fund added associates Chris Wilkins from Slaughter and May and Charlie Temperley from Michelmores to its London office. It also hired Corey Banks from Wachtell, Lipton, Rosen & Katz and Joshua Card from Sidley Austin in New York.

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