Credit Suisse taps Deutsche MD to offload bad assets
Credit Suisse is not doing great, but it has at least chosen the banker it wants to lead (part) of its radical restructuring program.
Tom Nyiro, the banker in question, has joined Credit Suisse this month from Deutsche Bank to be part of the bank’s Capital Release Unit (CRU), a “non-core unit” of the bank with the responsibility to “release capital through the wind-down of non-strategic, low return and higher risk businesses.”
Nyiro spent a quarter of a century with Deutsche in Singapore, London, and Geneva, most recently in Deutsche Bank’s own capital release unit, which JPMorgan called the most crucial division for Deutsche’s future. Nyiro joins Credit Suisse in London.
He can expect some tough times at Credit Suisse – the CRU has a mandate to sell off “the remainder of [Credit Suisse’s] Prime Services, non-Wealth Management related lending in Emerging Markets, the bank’s presence in select countries and select European lending and capital markets activities.”
The Deutsche capital release unit that Nyiro was part of for four years did not endear itself to the rest of the bank. One insider called the unit’s chief (and Nyiro’s former boss) “respected and feared,” and the axeman’s role a “tough job.” No doubt some difficult decisions will have to be made at Credit Suisse, where an arguably bigger hatchet will have to be sharpened.
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