Credit Suisse has made some big hires in equity research
Forget Mifid II, forget the miserable first quarter - Credit Suisse is out there hiring. And it's doing it in equity research.
The Swiss bank is understood to have recruited two new senior equity researchers for its London-based European business in the past month.
Carsten Riek joined from UBS as co-head of steel and mining research in Europe. And Haley Tam is understood to be joining from Citi as a managing director in diversified financials research.
The new recruits follow a period of change in Credit Suisse's equity research team after it let go of head of equity research Steve East and head of steel and mining research Michael Shillaker. Riek is clearly Shillaker's replacement.
The new hires follow an exceptionally strong performance from Credit Suisse's equities business in the first quarter. - While most banks' equities sales and trading revenues declined substantially. Credit Suisse's were up 10% year-on-year. It probably helps too that Credit Suisse has a new head of equity research following East's exit last year - Tim Ramskill, head of the travel and leisure team is understood to have taken the position.
CS declined to comment on Riek and Tam's arrival. Headhunters said the bank is the most active recruiter in research now. "With Brexit and MiFID II, equity research hiring is pretty quiet," said one.
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