Credit Suisse senior staff have found their way to other investment banks recently, marking a draining of the troops at the beleaguered firm.
Amid sinking revenues, sequential quarter losses, and rumors of more job cuts, Credit Suisse executives have departed for less turbulent waters. Michael Levin, the former Head of Asset Management for the Americas and Asia Pacific, is now a Managing Director at Goldman Sachs Group, Inc. Richard Myers, a former Managing Director in the financial institutions group, joined Morgan Stanley as Head of Bank Solutions in the fixed income division. Also, David Krap, the EMEA Head of Technology Media and Telecoms M&A, took a position at JPMorgan.
Compensation at Credit Suisse has been less than it is at these three other firms. According to 2020 data reported by the companies, salaries and bonuses amounted to $1.67 million, $1.60 million, and $1.45 million at Morgan Stanley, JPMorgan, and Goldman Sachs, respectively. Total compensation for material risk-takers at Credit Suisse was $1.0 million in 2021.
Also last year, Credit Suisse lost 69 senior executives, and it established stock-based retention bonuses, deferred over three years, for those who would stay on. Since June 2021, the bank has hired 55 new managing directors, according to David Miller, Managing Director in the Global Markets Division. These include Jeff Spurlock of UBS, Rick Wolfgram of Truist Financial, and Karen Short of Barclays.