Credit Suisse Names Investment Banking Co-Heads in U.K.

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.

Before it's here, it's on the Bloomberg Terminal.