Credit Suisse's new MDs are not the same as its old ones
Last week, just when everyone in the U.K. was absorbed by the election results, Credit Suisse announced its brand new list of global managing directors. Unsurprisingly, it seems to have gone unnoticed until now.
Credit Suisse promoted 177 people to managing director (MD) this year. We've listed their names, job title (roughly) and location in the chart below. Forty nine of this year's new MDs are in America, 47 are in Switzerland, 48 are in EMEA and 33 are in APAC.
What's striking about this year's list is the sheer quantity of new MDs who are not in traditional front office sales and trading or investment banking jobs. After a difficult year for the investment banking and capital markets division (IBCM), Credit Suisse seems only to have made a handful of promotions in M&A and investment banking (IBD) jobs. Similarly, it hasn't promoted large quantities of people in global markets.
Instead, the list below is filled with people in what were traditionally considered support roles like risk, data, technology and finance. - People like Angus Muirhead, head of robotics equity strategy or David Katz, head of database storage and engineering.
As Credit Suisse encourages ties between its investment bank and private bank, it may be harder to get promoted in investment banking than it used to be. Edwin Low, co-head of investment banking and capital markets for Asia-Pacific, said recently that, “To be eligible for promotion to managing director in investment banking and capital markets you have to have transferred net new assets into the private bank for two years in a row.”
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