Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Morgan Stanley hires senior Credit Suisse dealmaker Weinberger - source

06/16/2021 | 12:36pm EDT
The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in the Manhattan borough of New York City

NEW YORK (Reuters) - Morgan Stanley has hired Greg Weinberger from Credit Suisse Group, a source familiar with the matter said on Wednesday, the most high-profile investment banking departure amid a glut of exits from the Swiss bank in recent weeks.

Having been forced to book billions of dollars of losses earlier this year due to exposures to collapsed investment firm Archegos Capital Management and defunct British supply chain finance firm Greensill Capital, Credit Suisse has seen a subsequent wave of investment bankers leave, amid concerns about pay packets and future job prospects.

Weinberger, who was global head of mergers and acquisitions for Credit Suisse, becomes the latest departure. He will join Morgan Stanley, where he will boost the bank's dealmaking practice including in energy, said the source, who spoke on condition of anonymity as the information is not public.

Among Weinberger's clients is Chevron Corp, which he advised on a number of matters included its pursuit of Anadarko Petroleum in 2019. While losing out to Occidental Petroleum Corp, Chevron came out of the episode in good standing, having pocketed a $1 billion break-up fee after Anadarko terminated its previously agreed deal, while Oxy remains weighed down by debt taken on to fund its $38 billion purchase.

Spokespeople for Credit Suisse and Morgan Stanley declined comment. The Wall Street Journal first reported the Weinberger news.

Switzerland's second-largest bank is struggling to retain staff after trimming bonuses to tackle the Archegos and Greensill losses.

Last month, Alejandro Przygoda, who was Credit Suisse's global head of its financial institutions group (FIG), left with three other bankers to join Jefferies.

At the start of this month, Reuters reported that Armando Rubio-Alvarez, who headed the Swiss bank's FIG franchise in Europe, the Middle East and Africa, was also moving to Jefferies.

(Reporting by David French in New York; Editing by Steve Orlofsky)


© Reuters 2021
Latest news "Economy & Forex"
05:54pWall Street ends lower, clobbered by Amazon
RE
05:46pU.S. electric vehicle backers say infrastructure bill falls short
RE
05:36pThe WSJ Dollar Index Falls 0.04% to 86.98 -- Data Talk
DJ
05:36pEuro Gains 0.09% to $1.1869 -- Data Talk
DJ
05:36pSterling Gains 0.51% to $1.3901 -- Data Talk
DJ
05:36pDollar Lost 1.28% to 109.69 Yen -- Data Talk
DJ
05:07pRoyal Caribbean expands COVID-19 policy as six guests test positive on ship
RE
05:05pTSX falls 0.12% to 20,287.80
RE
05:02pUtilities Down As Investors Rotate Into Inflation-Linked Sectors - Utilities Roundup
DJ
05:01pCommunications Services Down Amid Mixed Earnings - Communications Services Roundup
DJ
Latest news "Economy & Forex"