Finance

Trading Places: Credit Suisse and BofA add FIG bankers, Nomura’s McDermott rises

Credit Suisse’s hiring hasn’t slowed even after the twin crises of Archegos and Greensill. While the bank said it was looking to bolster its Spac dealmakers in Europe in expectation of a new wave of activity, it also made a big play in its financial institutions group by hiring Deutsche Bank’s Israel Fernandez as co-head of the Emea.

FIG teams are shifting for many leading banks – Bank of America also looked to burnish its credentials in the space. Will Addas, Gary Howe and Giorgio Cocini will become co-heads of global financial institutions investment banking to cash in on recent “momentum”.

UBS promoted Fergus Horrobin to cover the booming healthcare sector. Ian Carnegie-Brown will step down from his role leading UBS’s consumer, healthcare and real estate team to “focus on clients”, according to a memo seen by Financial News.

The bank has also taken on Sarah Elton-Farr, previously head of investor relations at GlaxoSmithKline, as an executive director within its healthcare team. It’s her first investment banking role.

Jeff Rose and Philippe Drouin were named global co-heads of consumer products and retail investment banking at UBS. Drouin previously headed the unit in Europe, the Middle East and Africa.

Nomura also saw a promotion. Jeff McDermott, who joined the bank through its acquisition of Greentech Capital Advisors last year, is taking on the global co-head of investment banking role for the Japanese bank’s international business as it looks to break further into the US and Europe.

McDermott spoke to Financial Newsabout his strategy to take on Wall Street.

FTSE 100 listed Schroders was among fund managers announcing hires this week. It poached Jan Brännback and Janne Lähdesmäki from Aktia Asset Management. The duo, who specialise in small and micro cap stocks, will join in the new year and help expand its European equities footprint.

BNP Paribas Asset Management appointed Maya Bhandari as global head of multi-asset. Bhandhari, who joins from Columbia Threadneedle, will be based in London when she takes on her new role in November.

The hires and promotions come as the sector deals with a nervy return to the office — HSBC has now scrapped social distancing rules in its UK headquarters — but also a potential slowdown in the bumper deals activity of the past 12 months.

Deutsche Bank’s chief financial officer James von Moltke became the latest senior banker this week to predict results would dip going forward, telling a conference that the investment banking unit will post third-quarter revenues around 10% down on last year.

Magic Circle law firms are continuing to bring women into the very highest ranks. Slaughter and May, well-known as being one of the most traditional of all of the City’s legal titans, will have a woman at the top for the first time in its 132-year history after appointing former disputes head Deborah Finkler to the newly created role of managing partner.

For those interested in the world of consultancy, we continued our ‘So you want to be a…’ series this week, asking senior staffers at the likes of PwC and Oliver Wymanwhat it takes to make it to the top of the profession. For asset management fans, our Rising Stars listis a must-read.

But if you read one thing about the world of work from Financial News this week, let it be this investigation into Lanistar, a fintech hyped up by celebrities on Instagram, and how it is facing claims from more than a dozen current and former staff over unpaid salaries.

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To contact the author of this story with feedback or news, email Justin Cash

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