Credit Suisse London CDS team resigns, probably for Deutsche Bank
As you will know if you've been paying close attention to this site, people are leaving Credit Suisse's credit team. Some are leaving voluntarily. Others are not.
It's not clear which category the latest round of exits in London falls into, but given that they appear to have jobs to go to, it's likely that they left of their own volition and their expected destination is...Deutsche Bank.
Sources say that some of the highest producing members of Credit Suisse's London high yield team quit this afternoon. They include Jack Patten, a high yield credit trader who was hired from JPMorgan in 2019, and Harry O'Donahoe a director in high yield credit strategy who started his career at Goldman Sachs and joined Credit Suisse after a few years at Atlantic Capital Management in August 2020. Efe Şenoğlu, a junior who worked with Patten is also understood to have quit.
While Şenoğlu is thought to be joining JPMorgan, the unconfirmed suspicion is that Patten and O'Donahoe are off to Deutsche Bank to be reunited with Diego Discepoli, the former head of the EMEA credit business, and with Johnny Moore, the incredibly popular former head of global credit at Credit Suisse, who joined DB as head of flow credit sales and trading earlier this year. Philip Kurukgy, a Credit Suisse credit strategist, is already understood to be on his way to DB, albeit not to join Moore's team but in ESG FIC structuring instead.
Credit Suisse declined to comment on the exits. The bank is in the process of cutting 9,000 people by 2025. The global credit group is being moved into CS First Boston.
Sources say Patten and the junior who quit were responsible for up to 70% of revenues on the Swiss bank's London high yield desk. Their exit comes after the bank unexpectedly cut people like Vivek Nahar, the head of high yield sales and one of the team's most profitable salespeople.
"Some of the only people who seem to be staying are the unproductive MDs in charge," says one insider. By comparison, sources say Moore is "very loved" and that many CS people would much rather work for him instead. "Jonathan is the kind of character who you can trust, people are very loyal and he gives juniors a good platform to grow," says one Credit Suisse employee. "He came through the ranks himself and is very down to earth."
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