With Cathal Deasy, Credit Suisse is losing another key dealmaker in London, according to media reports. The co-head of the European investment bank had been promoted to the position just three months ago.

He is leaving the Swiss bank according to a  «Financial News» (behind paywall) report citing people familiar. Deasy was named co-head of investment banking and capital markets (IBCM) in September, alongside Giuseppe Monarchi. He joined Credit Suisse from Deutsche Bank in 2016, initially heading the European M&A business.

Capital Light

Currently, Deasy is the global co-head of M&A at the bank, a key role as the bank looks to refocus the unit to a «capital light» model.

The September appointments were part of a larger restructuring in investment banking following the departure of Jens Welter to Citigroup, as finews.com reported.

According to Financial News, some 70 managing directors have left the investment banking unit of Credit Suisse since the Archegos and Greensill debacles in early 2021.

Monarchi becomes the sole head of Credit Suisse's investment banking business in the EMEA region, according to a memo also obtained by finews.com and confirmed by a Credit Suisse spokesperson. Steven Geller, Deasy's co-head of global M&A, takes sole charge of the unit, according to the memo. William Mansfield, who most recently led consumer and retail M&A in the EMEA region, takes over as the overall M&A leader for the region.

In addition, Gen Oba has been appointed in Paris as co-head of IBCM for France, Belgium, and Luxembourg, effective January 4, reporting to Monarchi and Valérie Landon. Oba has worked in the financial industry for 25 years and joins from Credit Agricole CIB.