Credit Suisse Group AG, Switzerland’s second-largest bank, named Charles Donald and Jonathan Grundy as co-heads of U.K. investment banking, replacing Sebastian Grigg.
Grigg will become a vice chairman of European, Middle East and Africa investment banking at Credit Suisse, the bank said in memos to employees. A spokeswoman for Credit Suisse in London confirmed the contents of the memos today.
The bank has been reshuffling senior bankers in Europe and on May 1 named Marisa Drew and Ewen Stevenson as co-heads of the European investment-banking business to replace Jamie Welch, who will join Dallas-based Energy Transfer Partners LP. Donald joined Credit Suisse from Nomura Holdings Inc. in 2010, while Grundy, who had previously worked at Merrill Lynch & Co. and Morgan Stanley, joined in 2009.
Credit Suisse posted a jump in first-quarter profit last month on lower costs and improved earnings at the securities unit. Revenue from underwriting and advisory at the Zurich-based bank rose 3.4 percent to 763 million francs ($811 million), as increases in debt and equity underwriting were partially offset by lower fees from mergers and acquisitions.
Financial News reported the moves earlier today.