Last analyst in Credit Suisse's London HY team quits
Another day, another exit from Credit Suisse's London high yield team. However, we're nearing the time when there might not be many more high yield departures, both because the team is both adequately sized for the post-restructuring world and because everyone who wants to leave has gone already.
Credit Suisse isn't commenting on the specifics of its restructuring, but sources say it now has no more analysts working on the London high yield desk. Some were let go. Others left of their own volition.
At one point, Credit Suisse's high yield analysis team comprised four people: Isaac, James Reynell, Fernando Lang and Harry O'Donahoe. O'Donahoe also made a voluntary escape to Deutsche Bank, and Reynell and Lang were cut despite being strong performers.
The high yield analysts were providing market advice to Credit Suisse's high yield sales people, but they too have been decimated by exits and cuts. And the salespeople were working with the high yield trading team, which previously comprised five traders but is now down to three comparatively junior people after Jack Patten left for Deutsche Bank and his junior, Efe Şenoğlu, left for JPMorgan.
It's not clear whether CS intended its European HY team to be so heavily depleted. The business is moving into CS First Boston, and the supposition is that traders at least were expected to stick around.
It seems that some of the most loyal and sticky people are the MDs: head of high yield trading, Karen Miles, who was promoted after Basil Eggenschwyler left in January; Marc Mendoza, who's been with the bank for two decades; and Julian Gurcel, an MD in special situations sales and sourcing, even though special sits is moving to Apollo.
"You can't just cut all the good salespeople," says one insider. "Sales, trading and analysis go hand in hand."
Alongside the exits in HY, people in other areas of the credit team are also taking the opportunity to say goodbye: William Porter, the former head of European credit strategy is thought to have retired last week after 25 years at the bank.
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