Tuffey leaves as CS takes axe to capital markets
Chris Tuffey, head of syndicate for EMEA debt capital markets at Credit Suisse, has left the bank amid dozens of cuts that have hollowed out the capital markets franchise of the now subsidiary of UBS.
Tuffey has been at Credit Suisse since 1986, according to his LinkedIn profile. His departure marks the end of an era after a career spanning Asia, the US and Europe, including stints in New York, Tokyo and Hong Kong.
Deeps cut were expected following the SFr3bn (US$3.3bn) merger of the Swiss banking rivals. Market participants had expected Credit Suisse's bankers to lose out given its rescue by UBS.
The bank has put Nick Koemtzopoulos' position as head of EMEA equity capital markets at risk of redundancy. He has worked at the bank since 1999, according to his LinkedIn profile. Another managing director, Michael Konstantinou, has also been put at risk as co-head of investment-grade credit trading. He joined the bank in 2018, according to his LinkedIn profile.
Mark Walsh, a managing director in Credit Suisse's EMEA leveraged finance and sponsor group has also been put at risk. He has been at the bank since 2013, according to his LinkedIn profile. And Rob Kay's position as head of Americas debt syndicate is at risk. He joined Credit Suisse in 1993, according to his LinkedIn profile.
According to sources, Olivia Singh, a vice-president, is now the only DCM banker left in London while other positions have been put at risk, including Josh Presley, Marie Martensson and Joe Hopkins. Andrew Burton, Credit Suisse's European head of structuring in the debt capital markets solutions unit, remains at the bank.
Presley has worked on and off at Credit Suisse since 2007, according to his LinkedIn profile. He rejoined the bank from Bank of America in 2018 and has been running corporate DCM. Martensson, a director in FIG DCM, has been at the bank since 2017, according to her LinkedIn profile, while Hopkins joined the bank from Morgan Stanley in January 2021.
Andrei Irimia, who was hired in 2020 to work on Credit Suisse's FIG debt syndicate desk, remains at the bank, alongside David Anthony, corporate DCM syndicate manager and head of investment-grade acquisition finance for EMEA.
Sales and trading in London have also been hit by deep cuts, according to sources. Bankers in Paris, Madrid, Milan and Frankfurt have not yet been affected but redundancies are expected in the fourth quarter.
Credit Suisse and Koemtzopoulos declined to comment and others couldn't immediately be reached.
In Hong Kong, Credit Suisse is also planning to lay off capital markets staff next week, people with knowledge of the matter said. The people said it would be a large round of layoffs but declined to specify the number.
UBS will keep about 20 to 30 Credit Suisse capital markets staff in Hong Kong, from junior bankers to managing directors, said one of the people. Spokespersons from Credit Suisse and UBS declined to comment.
Cuts by Credit Suisse in New York are also expected imminently, a source told Reuters, without disclosing details of how many people or which investment banking businesses would be affected.
UBS has also decided to close Credit Suisse's office in Houston, with oil industry coverage in future to be conducted from New York.
Additional reporting by Tom Revell and Sunny Tse