(Adds context on recent departures)
By Greg Roumeliotis and Pamela Barbaglia
LONDON, June 1 (Reuters) - Credit Suisse has lost a
key dealmaker in Europe, two sources familiar with the move
said, as a pay-driven exodus of top investment bankers which
began in the United States spreads.
Switzerland's second-largest bank is struggling to retain
staff after trimming bonuses to tackle losses of more than $5
billion stemming from the collapse of U.S. investment firm
Archegos and damage caused by Greensill Capital's insolvency.
Armando Rubio-Alvarez, who heads the Swiss bank's financial
institutions (FIG) franchise in Europe, the Middle East and
Africa, is moving to Jefferies, the sources said.
His appointment follows the departure of Credit Suisse's
global head of financial institutions, Alejandro Przygoda, who
recently announced plans to move to Jefferies alongside three
other bankers in his New York-based FIG team.
Rubio-Alvarez, whose move will be effective after the
summer, will take on European responsibilities at Jefferies,
leading coverage of some of its biggest financial clients.
Credit Suisse declined to comment and Jefferies was not
immediately available for comment.
Rubio-Alvarez became sole head of Credit Suisse's EMEA FIG
team in December after an internal reorganization which saw the
former unit co-head, Max Mesny, promoted to the position of
chairman of EMEA FIG and global fintech.
His departure is another blow to the scandal-hit bank where
four other FIG bankers in New York - Tim Devine, David MacGown,
Chris Eby and Nick Daly - recently quit to join rivals including
Barclays and Goldman Sachs, the sources said.
Credit Suisse, which was plunged into crisis after
suspending funds linked to collapsed British supply chain
finance company Greensill, has been plagued by an outflow of
talent in recent weeks, mostly in the United States where 15
bankers including global industrials head Stephanie Ruiz,
transportation specialist Jason Wortendyke and healthcare
managing director Leo Reif have left since May.
In Europe, Stephane Gruffat, a 20-year Credit Suisse veteran
who was in charge of its equity capital markets syndicate
franchise, recently joined Deutsche Bank.
Another senior managing director in Paris, Bruno Angles, who
oversaw all the bank's franchises across France and Belgium,
quit in April to take on a role at insurer AG2R La Mondiale.
(Reporting by Greg Roumeliotis and Pamela Barbaglia
Editing by Rachel Armstrong and Alexander Smith)
Barclays (BARC)
