Credit Suisse Energy Bankers Said to Depart for Deutsche Bank
David Andrews, a Houston-based investment banker for oilfield-services companies, will join Deutsche Bank in September, said one of the people, who spoke on condition of anonymity because Andrews hasn’t started his new job yet. Robert Miller, based in New York, will join Deutsche Bank’s high-yield capital markets group, covering oil and gas companies, this person said.
The departures follow those of three other managing directors from Credit Suisse’s energy group earlier this year. Those bankers, led by Raymond Wood, specialize in covering power and utility companies and joined Bank of America Corp. (BAC)
The Zurich-based firm cut compensation last year by an average 30 percent for senior investment bankers, with some getting bonds backed by derivatives, according to data compiled by Bloomberg.
Steven Vames, a Credit Suisse spokesman, said he couldn’t comment, as did Ari Cohen of Frankfurt-based Deutsche Bank.
Andrews worked at Credit Suisse since 2008 and will help fill a vacancy left at Deutsche Bank when another oilfield- services banker, Sten Gustafson, left to become chief executive officer of a Seacor Holdings Inc. (CKH) unit. Andrews previously worked at Lehman Brothers Holdings Inc.
Andrews was part of the Credit Suisse team that advised Aberdeen, Scotland-based John Wood Group Plc (WG/) on the 2011 sale of its well-support division to General Electric Co. for $2.8 billion. He also helped take Missouri City, Texas-based Global Geophysical Services Inc. (GGS) public in 2010.
Miller joined Credit Suisse in 2007 and previously worked at Citigroup Inc. (C)
Deutsche Bank earlier this year hired Andrew Safran, a Citigroup Inc. banker to energy companies, as a vice chairman based in New York.
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