Credit Suisse Group AG (CSGN) said Luigi de Vecchi will take a sabbatical from his role as global co-head of the investment-banking department and return in an “important senior client coverage role.”
Jim Amine was named sole head of the business, the Zurich- based bank said in a memo to staff. Amine will continue to report to Eric Varvel, chief executive officer of the firm’s investment bank. The memo, which didn’t explain the reason for de Vecchi’s sabbatical, was confirmed by a Credit Suisse spokesperson in London today.
Jamie Welch was named head of the investment-banking department for Europe, the Middle East and Africa, and will be based in London, Credit Suisse also said. Welch will share his role as global co-head of the energy group with Osmar Abib.
De Vecchi took the co-head job in January 2010. He previously served as CEO of the bank’s Italy operations for five years, according to the memo, which didn’t say how long his sabbatical will last.
Credit Suisse’s revenue from underwriting and advisory dropped 25 percent last year to 3.02 billion Swiss francs ($3.3 billion). The decline was bigger than that of rivals Goldman Sachs Group Inc. (GS) and Morgan Stanley, which fell 9.5 percent and 1.6 percent, respectively.
Credit Suisse is third in the global share of fees so far this year, according to the memo, which said the bank ranked between second and fourth in its European region over the past three years.
The company was the fourth-ranked adviser on global mergers and acquisitions in 2011 and 2010, according to data compiled by Bloomberg.
Credit Suisse also named Tim Bock and Marisa Drew as co- heads of the global markets solutions group within the investment-banking department, according to a separate memo. Bock will be based in New York and Drew will work out of London, with both reporting to Amine. The market solutions group is a financing unit that works with the firm’s equity and debt underwriting businesses.