CSFB named its new European head last week, while ABN Amro became the latest bank to announce redundancies.
After months of suspense, Credit Suisse First Boston (CSFB) revealed the identity of its new chief executive in Europe. Michael Philipp, former head of Deutsche Asset Management (DeAM) and global head of equities at Deutsche Bank was named chairman and chief executive of CSFB's European business. Philipp occupies the vacancy left by Brady Dougan, the former chief executive of its business in Europe. Dougan was promoted to chief executive of CSFB in July following the departure of John Mack.
Roland Sand, a managing director of client coverage at JP Morgan in Germany, joined Credit Suisse First Boston as a managing director in German investment banking. He is JP Morgan's second big loss in Germany in 2004 after Marco Di Prima moved to Lehman Brothers in May.
Morgan Stanley put Hans Jörg Schüttler, its German head of investment banking, in charge of its entire business in Germany. Schüttler replaces Lutz Raetig, who becomes chairman of the bank's supervisory board in Germany.
Citigroup recruited in Russia. Timur Nasardinov, former head of trading at Troika Dialog in Moscow, joined as head of equities trading in Russia.
SG Corporate & Investment Bank hired two Citigroup bankers for its structured debt team as part of a drive to strengthen its business in Italy. Stuart Cook joins as a managing director in debt capital markets; Ezio la Rosa joins as a director to develop the structured finance business in Italy. Both will be based in London.
BNP Paribas made two hires in high yield. Adam Harnetty joins the French bank's London high yield research team as a senior credit analyst. Christian Lange joins the leveraged finance group in Frankfurt. Harnetty spent a decade at Invesco, where he was a fund manager and senior credit analyst covering high yield and structured finance. Lange joins from the European leveraged finance team at Deutsche Bank.
Another week, another round of redundancies...
Following fast on the heels of Credit Suisse First Boston, Dresdner Kleinwort Wasserstein, Deutsche Bank and JP Morgan, ABN Amro became the latest bank to announce job cuts last week.
The Dutch bank announced 2,850 redundancies affecting the wholesale banking, IT, back office and administrative functions; 1,350 staff the will go in the wholesale banking division, 240 of them in the London office. But the bank also plans to hire 250 new staff for wholesale banking. ABN Amro said the cuts will generate annual benefits of €770m ($581m) by 2007.
Fund Management: more departures at Deutsche
There were two departures at Deutsche Asset Management. Stephen Barrow, the London- based joint head of equities, was made redundant. James de Sausmarez, managing director of the firm's UK business, quit to join Henderson Global Investors in a similar capacity. Barrow's departure fuelled speculation that DeAM will shift its European and global equity desks to Frankfurt in the New Year, leading to further job losses in London.
Alan Denholm left Insight Investment for ING Asset Management. Denholm, who was deputy chief investment officer at Insight, joined ING as head of equities.
Richard Bernays, a non-executive director of UK fund manager Singer & Friedlander, was appointed chairman of Hermes Pension Management, starting January. His appointment follows Hermes' decision to split the role of chairman from that of its parent, the British Telecom Pension Scheme.