Credit Suisse names new head of investment bank
(12 November 2019 – Europe) Credit Suisse has named David Miller the new head of its investment banking and capital markets business, replacing James Amine after four years in charge, as the lender looks to improve performance at the division.
Mr Miller, who has worked for the Swiss bank for 22 years, including as global head of credit and leveraged finance, inherits a unit that swung to a pre-tax loss in the third quarter and last month issued a cautious outlook for the remainder of the year.
Mr Amine, also a veteran of the bank, will leave the executive board and become head of private credit opportunities, based in New York, Credit Suisse said in a statement. Alongside the promotion of Mr Miller, Eric Varvel was named chairman of the investment banking and capital markets unit and Harold Bogle the vice-chairman of the group executive office.
Credit Suisse pinned some of the blame for a poor third quarter on a lack of mergers and acquisitions and initial public offerings, as well as “challenging market conditions”. A weak quarter in investment banking was offset by robust inflows into its wealth management business.
Mr Miller’s appointment is the latest in a string of changes at the top of investment banks in Europe, which are struggling to boost profitability at a time of depressed M&A volumes and a choppy market for IPOs and securities trading.
In July, Garth Ritchie, the head of Deutsche Bank’s investment bank, left the lender and was replaced by its chief executive Christian Sewing. Tim Throsby, who held a similar role at Barclays, left the UK-based bank in March, while UBS’s investment bank is under new leadership following the departure of Andrea Orcel earlier this year.