Credit Suisse hires for new investment bank role

LONDON, Oct 29 (Reuters) - Credit Suisse AG (CSGN.VX) hired a former Lehman Brothers banker for a newly created investment banking position as it continues to refocus its business.

According to an internal memo sent to Reuters on Wednesday, Colin Welch will join the Swiss bank in November as head of investment banking for retail and luxury goods in Europe, Middle East and Africa.

Welch headed retail investment banking for Europe and the Middle East at the collapsed Lehman Brothers (LEHMQ.PK).

On Tuesday, Credit Suisse said it would cut 500 more investment banking jobs. That brings the total job losses in the division to around 1,800 since the beginning of the credit crisis last year, a London-based spokeswoman said.

Credit Suisse declined to give details on where the jobs would be shed.

The bank has cut as much as half of all staff in the more affected areas, such as residential mortgage-backed securities, commercial mortgage-backed securities and collateralised debt obligations, investment banking head Paul Calello said last week when Credit Suisse released third-quarter results.

The bank is shifting resources to client-related businesses, he added. Credit Suisse hired 800 investment bankers during the third quarter, bringing the total in the division to 21,300 at the end of that period. (Reporting by Olesya Dmitracova; Editing by Paul Bolding)