Credit Suisse’s Cathal Deasy Exits European Banking Co-Head Role

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Credit Suisse's Cathal Deasy Exits European Banking Co-Head Role

<p class="MsoNormal text-align-justify">Cathal Deasy, the Co-Head of Investment Banking and Capital Markets (IBCM) in Europe, the Middle East and Africa (EMEA) at Credit Suisse, has left her role at the Switzerland-based global investment bank, Financial News reports. Deasy is leaving the role months after he was appointed into the joint position in September last year.</p><p class="MsoNormal">The senior executive's departure comes at a period when many top executives have departed from the bank following the impact of the collapse of the family office Archegos Capital on the firm. In addition, her exit coincides with the bank rebranding its investment bank into a wealth management business.</p><p class="MsoNormal text-align-justify">Credit Suisse Makes New Appointments</p><p class="MsoNormal text-align-justify">Until the exit, Deasy was Credit Suisse's Global Co-Head of Merger and Acquisition (M&A). However, his departure means that Giuseppe Monarchi is now the sole head of the IBCM unit in EMEA while Steven Geller is the only Global Head for M&A.</p><p class="MsoNormal">Meanwhile, Credit Suisse has appointed William Mansfield, the Head of EMEA Customer and Retail M&A, to take up Deasy's role as the Head of M&A, EMEA, Reuters reports. Additionally, the global company has hired Gen Oba, a Senior Banker at Credit Agricole in France, as its new Co-Head of IBCM in France, Belgium and Luxembourg.</p><p class="text-align-justify">Credit Suisse Battles Crises and Losses</p><p class="text-align-justify">For a number of years, Credit Suisse has faced <a href="https://www.financemagnates.com/institutional-forex/money-laundering-case-involving-credit-suisse-finds-the-bank-guilty/" target="_blank" rel="follow">several scandals</a> that have made business difficult. This includes the $5.5 billion loss it recorded in connection with <a href="https://www.financemagnates.com/forex/analysis/d-day-for-archegos-capital-why-was-it-allowed-so-much-tier-1-liquidity/" target="_blank" rel="follow">the failure of Archegos</a>. </p><p class="text-align-justify">Recently, the bank  <a href="https://www.financemagnates.com/institutional-forex/credit-suisse-to-pay-495m-settlement-related-to-2008-financial-crisis/" target="_blank" rel="follow">settled to pay $495 million</a> in relation to its residential mortgage-backed securities
business carried out during the period of the 2007-2008 financial crisis. On top of that, it recently <a href="https://www.financemagnates.com/institutional-forex/credit-suisse-agrees-to-pay-234m-settlement-in-france/" target="_blank" rel="follow">agreed to pay $234 million</a> to French prosecutors to settle a money laundering and tax fraud
case.</p><p class="text-align-justify">As a result of these crises, the bank has recently disclosed plans <a href="https://www.financemagnates.com/institutional-forex/credit-suisse-plans-to-raise-4b-as-a-part-of-radical-restructure/" target="_blank" rel="follow">to raise $4 billion</a> as part of a "radical restructure" of its business. Moreover, last year the bank declared that it intends to lay off 9,000 employees as part of the plan.</p><p class="text-align-justify">Meanwhile, in late November last year, Credit Suisse revealed that it expects to end the
fourth quarter of the year with a pre-tax loss of <a href="https://www.financemagnates.com/institutional-forex/credit-suisse-expects-to-end-q4-with-a-loss-of-158b/" target="_blank" rel="follow">about $1.58 billion</a>, continuing the <a href="https://www.financemagnates.com/institutional-forex/credit-suisse-post-heavy-q3-losses-radical-restructure-needed/" target="_blank" rel="follow">quarterly losses</a> it recorded in 2022.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: Credit Suisse's Cathal Deasy Exits European Banking Co-Head Role