Discover your dream Career
For Recruiters

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.

Click here to create a profile on eFinancialCareers. Make yourself visible to recruiters hiring for jobs in finance and technology.

Have a confidential story, tip, or comment you’d like to share? Contact: Zeno.Toulon@efinancialcareers.com in the first instance.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORZeno Toulon

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Articles
Recommended Jobs
One Ten Associates
CLO Markets Specialist
One Ten Associates
London, United Kingdom
Cornerstone Global Partners
VP / SVP - Corporate Banking / Project Finance
Cornerstone Global Partners
Singapore
Wellington Management Company, LLP
Hedge Fund Analyst, Global Software, Long/Short
Wellington Management Company, LLP
Boston, United States
Houlihan Lokey
Associate - Financial Restructuring
Houlihan Lokey
London, United Kingdom

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.