Credit Suisse is seconding IBD associates to work for clients
Credit Suisse has begun seconding associates in its European investment banking division to work for clients.
Recruiters in London say the bank has revived a programme last used in 2010 under which selected junior members of its banking division are given the opportunity to work for client companies.
Credit Suisse declined to comment on the programme, which is understood to be a vehicle for increasing young bankers' knowledge of their sector. The latest round of secondees includes an M&A associate in the bank's EMEA technology, media and telecoms (TMT) team, who's gone to work for Deutsche Telekom in Germany.
The revival of Credit Suisse's secondment programme comes after a weak start to the year for investment bankers in Europe. Financial News reported last week that fees from mergers and acquisitions, debt and equity issues and syndicated loans in Europe were about $1.4bn to February 5, making it the weakest start to the year since 2003. TMT M&A deals appear to have been particularly badly hit: year-to-date targeted EMEA M&A deals are worth just $5.7bn according to Dealogic, down from $26bn in 2015.
Compared to other European investment banks, Credit Suisse had a strong year in M&A in 2015: revenues rose by 21% on 2015, versus a decline of 7% at UBS and increase of just 1% at Deutsche Bank.
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