Cantor Fitzgerald just made a big hire from Credit Suisse in NYC
Cantor Fitzgerald has hired Greg Dabal, a former Credit Suisse managing director, for its prime brokerage business.
Dabal joined Cantor's NY office this month according to his LinkedIn profile. He's an MD in Cantor Fitzgerald Prime, the prime broking business founded by Cantor in 2009 and headed by Noel Kimmel, a former J.P. Morgan and Bear Stearns banker.
Dabal spent 11 and a half years at Credit Suisse, where he helped build the Swiss bank's prime brokerage platform. Before that he spent 19 years at Morgan Stanley.
Dabal's exit comes after Credit Suisse's bonuses were paid. It also follows other exits from Credit Suisse's prime brokerage business last year and confusion over the bank's strategy. Mike Paliotta was promoted as global head of prime brokerage at Credit Suisse in mid-2015, replacing previous head Paul Germain. Dougal Brech and Ashley Brown subsequently left Credit Suisse's European prime business in 2016.
When Credit Suisse CEO Tidjane Thiam made his first strategy presentation for the bank in October 2015, he indicated that prime broking would be "optimized" due to its heavy use of capital. Thiam subsequently changed his mind and decided to invest in the prime brokerage after all.
Cantor Fitzgerald seems to be less equivocal about is pursuit of growth. In May last year, it hired Harrison Richter and James Runnels from BNP Paribas as directors for its prime business. Dabal is the first big hire in 2017.