NEW YORK (The Southern African Times) – Morgan Stanley has hired Greg Weinberger from Credit Suisse Group, a source familiar with the matter said on Wednesday, the most high-profile investment banking departure amid a glut of exits from the Swiss bank in recent weeks.
Having been forced to book billions of dollars of losses earlier this year due to exposures to collapsed investment firm Archegos Capital Management and defunct British supply chain finance firm Greensill Capital, Credit Suisse has seen a subsequent wave of investment bankers leave, amid concerns about pay packets and future job prospects.
Weinberger, who was global head of mergers and acquisitions for Credit Suisse, becomes the latest departure. He will join Morgan Stanley, where he will boost the bank’s dealmaking practice including in energy, said the source, who spoke on condition of anonymity as the information is not public.
Among Weinberger’s clients is Chevron Corp, which he advised on a number of matters included its pursuit of Anadarko Petroleum in 2019. While losing out to Occidental Petroleum Corp, Chevron came out of the episode in good standing, having pocketed a $1 billion break-up fee after Anadarko terminated its previously agreed deal, while Oxy remains weighed down by debt taken on to fund its $38 billion purchase.
Spokespeople for Credit Suisse and Morgan Stanley declined comment. The Wall Street Journal first reported the Weinberger news.
Switzerland’s second-largest bank is struggling to retain staff after trimming bonuses to tackle the Archegos and Greensill losses.
Last month, Alejandro Przygoda, who was Credit Suisse’s global head of its financial institutions group (FIG), left with three other bankers to join Jefferies.
At the start of this month, Reuters reported that Armando Rubio-Alvarez, who headed the Swiss bank’s FIG franchise in Europe, the Middle East and Africa, was also moving to Jefferies.