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Preemptive exits from Credit Suisse.

Morgan Stanley said to poach Credit Suisse prime services MD

Credit Suisse has lost another long serving employee, and this time it's hardly surprising.

Martin Glanville, the Swiss bank's London-based global head of prime services execution, has left the bank. Sources say he's joining Morgan Stanley and is currently on gardening leave.

Both Credit Suisse and Morgan Stanley declined to comment.

Glanville's exit comes after Credit Suisse's prime brokerage unit lost $5.5bn on credit extended to the Archegos family office. The bank's new chairman, António Horta-Osório, is in the process of reviewing Credit Suisse's business lines and has suggested that his conclusions will be ready by December. Prime brokerage and prime services will be at the forefront of any changes. John Dabbs and Ryan Nelson, the former heads of the prime brokerage business, left in April 2021 and have yet to resurface. 

Nomura's prime brokerage unit also lost $2.9bn on Archegos and the Japanese bank said this week that it would no longer offer cash prime brokerage services altogether. 

Glanville's isn't the only recent exit from Credit Suisse's equities business. Bill Bors, an MD in sales trading and a three-decade veteran at the bank resigned to join Barclays and Jason Vickery, the head of international program trading, is joining Mizuho. 

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AUTHORSarah Butcher Global Editor

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