Ill-fated Credit Suisse managing director arrives at Rothschild
If anyone should have seen Credit Suisse's implosion and then absorption by UBS coming, it should probably have been its banker in charge of European banking deals in London. And yet, it seems Gaurav Parkash didn't recognise the danger, or that if he did, he didn't act upon it.
Parkash was promoted to head of Credit Suisse's EMEA banks business in September 2021. He extricated himself from the Credit Suisse husk in August 2023 and has just joined Rothschild's London financial institutions group (FIG) team as a managing director instead.
Parkash spent nearly 16 years at Credit Suisse, having joined after a short spell as a product manager at Citigroup. He was seemingly not in the cohort of Credit Suisse bankers who moved over to UBS at the end of the summer.
Parkash was promoted to his big Credit Suisse FIG job after the bank's previous generation of FIG leaders chose to leave when the bank lost $5.5bn through its involvement with the Archegos family office. Former FIG co-heads Armando Rubio-Alvarez and Max Mesny went to Jefferies and PJT respectively in late 2021. This was perhaps the time to quit.
UBS appears to have selectively culled Credit Suisse's EMEA FIG team. Israel Fernandez Del Sol, the former co-head of all FIG banking in EMEA is currently on gardening leave. However, his co-head Julien Lamm is now at UBS in Paris.
We wish Parkash luck in his new seat at Rothschild. Rothschild has been making a few cuts of its own, but is also hiring selectively.
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