LONDON May 1 Credit Suisse named
Marisa Drew and Ewen Stevenson to jointly lead its European
investment banking business, following the departure of Jamie
Welch to a client.
Drew and Stevenson will continue in their current roles as
head of the bank's global market solutions group and head of the
global financial institutions group (FIG) respectively, in
addition to taking on the new responsibilities, Credit Suisse
said in a memo to employees on Wednesday.
A bank spokeswoman in London confirmed the contents of the
"Ewen and I have very very complementary skills, we go hand
in glove," Drew told Reuters. "Myself from the financing,
capital markets and client coverage side and Ewen from the FIG
and M&A and client coverage side, and both businesses are two of
our most successful in EMEA."
Stevenson worked on a number or large deals including
advising the British government on how it should recapitalise
banks during the 2008 financial crisis.
Drew worked on deals including U.S. cable group Liberty
Global's $15.8 bln acquisition of British cable group
Welch, who became head of investment banking in Europe
following the departure of Luigi De Vecchi in 2012, is leaving
to become chief financial officer at Texas-based pipeline
operator Energy Transfer.
Switzerland's second-largest bank last month heralded the
success of its drive to cut costs and reduce risky assets in its
investment banking operations when it reported first-quarter net
profit of 1.30 billion francs ($1.4 billion), up from 44 million
a year earlier.
"Even without any major political event, we are seeing a
shift in investor sentiment, moving from fear and inertia to the
desire to take more risk, and it is indicative of a level of
confidence that the worst is behind us," said Drew.
The bank, which shed 1,800 staff in the past year, ranked
sixth in terms of investment banking revenue in Europe, Middle
East and Africa in 2012, earning $707 million, Thomson Reuters
data calculates, down 30 percent from a year earlier.