Former Credit Suisse investment bank chief Jim Amine is leaving the Swiss bank, and the new private credit business that was set up under him in November has been folded into a new unit, people familiar with the matter said.
Amine has been at Credit Suisse for 24 years. He spent a decade in charge of its investment banking and capital markets division, based in New York, until moving roles four months ago.
His departure was announced to staff this week, the people said. They did not know his future plans.
Credit Suisse said in November Amine would step down from running IBCM to head a new private credit opportunities business. It was part of asset management, and Amine reported to Eric Varvel, head of asset management.
But the private credit opportunities business was moved this week to be part of the Credit Investments Group (CIG), under the leadership of John Popp, the people said. Popp is global head and chief investment officer of CIG, and is responsible for investment decisions and strategy decisions. It is one of the largest managers of leveraged finance debt in the industry and one of the top CLO managers.
It was not clear if Amine decided to leave before or after the decision to move the private credit group into the new area.
The private credit business provides advice and funding to companies that are staying private for longer and are requiring ever more sophisticated financing needs. But it is an area where rivals, including JP Morgan and UBS, are also targeting and had set up focused teams earlier.
Amine was replaced as IBCM chief by David Miller, another Credit Suisse veteran. It followed a bad year for IBCM after three good years.
Amine joined Credit Suisse in March 1996, according to his LinkedIn profile. He previously spent six years as an associate at US law firm Cravath, Swaine & Moore.
Amine also took one of his close lieutenants with him to the new private credit team. Mathew Cestar, former co-head of IBCM in Europe, the Middle East and Africa, is expected to continue in the new unit.