Credit Suisse has been poaching U.S. Capital Markets professionals for its Canadian offices.
The Swiss bank also hired four people in Canada this month, bringing the total to seven new hires this year.
Several of the new hires are in Calgary, which in many ways has become a more desirable market than Toronto in many cases “based on its resource-based geography and economy,” Boyden recruiter Janice Detta Colli tells eFinancialCareers.
The most senior addition is Brian Newmarch, a managing director in commodities who comes from Citi, the Globe and Mail reports. He's joined by vice president Jesse Shouldice. Both are headquartered in Calgary. The bank also recently added an investment banking analyst in Calgary and an equity research analyst in Toronto.
Recruiting U.S. talent
Credit Suisse’s Canadian business has also added three individuals from offices that include Los Angeles and Japan. According to the Globe and Mail article, Canada “is viewed as a place of opportunity relative to other markets that are in the doldrums.”
Credit Suisse serves institutional clients in Canada, with specialists handling equities, fixed income, prime services and research. Credit Suisse also courts corporate clients in Canada in areas including M&A, equity and debt capital markets, private placements and leveraged finance.
Canadian banks have been cautious about hiring of late, making just a few strategic hires and focusing on ways to generate revenue and maintain their global reputations in a highly regulated environment.
All the same, Detta Colli, a Boyden Toronto managing director, observes that “many other markets view Canada as a highly desirable place to work and [appreciate] that there is measured growth here.”
Credit Suisse has had a presence in Canada since 1951.
While Credit Suisse's Canadian offices are filling up thanks to new hires and transfers to what's viewed as a “hot market,” says the Globe and Mail, not all foreign banks are as enthusiastic about Canada these days. There are a handful of newly empty desks at Bank of America Merrill Lynch's Canadian operations, for instance. Bank of America has reportedly reduced its investment banking and markets employees in Canada by around 2 percent, jettisoning 11 out of its 492 Canadian staffers.