Deutsche Bank hires Credit Suisse’s top ECM banker Gruffat By Reuters

© Reuters. FILE PHOTO: The headquarters of German Deutsche Bank is pictured in Frankfurt, Germany September 21, 2020. REUTERS / Ralph Orlowski / File Photo


By Abhinav Ramnarayan

LONDON (Reuters) – Deutsche Bank has hired Swiss credit Stéphane Gruffat of (SIX 🙂 as co-head of his European equity markets unit, marking the departure of another senior banker from the Swiss lender who has been involved in a series of scandals.

Gruffat joins the German bank’s equity capital markets for Europe, Middle East and Africa after more than two decades at Credit Suisse, according to an internal memo seen by Reuters.

Gruffat was most recently the head of the Credit Suisse Equity Markets Syndicate. His gesture represents in a way a coup d’état for German Bank (DE :), which is dragging its Swiss rival in global ECM issues, and follows other recent departures from Credit Suisse.

Last week, Reuters announced that Didier Denat, who spent 21 years at Credit Suisse, was to join Citi to help run its franchise of alternative assets in the EMEA zone.

Credit Suisse was plunged into crisis after losing more than $ 5 billion following the collapse of the U.S. investment firm Archegos and the suspension of funds linked to the collapse of the U.K. finance company. Greensill Capital supply chain. The scandals forced the bank to cut bonuses at a time when most of its rivals are expected to increase their payouts after an exceptional quarter of trading.

One of Credit Suisse’s strengths has been the ECM sector, however, with its strong technology franchise in the United States helping it to remain competitive against its rivals on Wall Street.

At Deutsche Bank, Gruffat will also be responsible for the ECM syndicate for the EMEA region and will report to Henrik Johnsson, co-head of capital markets and European investment banking for the German lender.

Deutsche Bank posted its highest profit in seven years for the first quarter, driven by its investment bank which benefited from the boom in the listing of Special Purpose Acquisition Companies (SPAC).

Data from Refinitiv shows that Deutsche Bank is ranked 16th in the ranking of capital raised on stock markets around the world with $ 6.65 billion. Credit Suisse is in seventh place in this table with $ 15.38 billion in credit in the ranking.

Gruffat has helped manage several high profile stock market fundraisers across Europe, including the listing of Spanish fund distribution firm Allfunds in Amsterdam last month.

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