Mar 20, 2023
Credit Suisse ECM Bankers Leave for Wells, RBC Ahead of UBS Deal
(Bloomberg) -- Two Credit Suisse Group AG equity capital markets managing directors have resigned from the firm, according to people with knowledge of the matter.
Health care specialist John Hoffman, who is based in New York according to Finra records, is set to join Royal Bank of Canada’s RBC Capital Markets after a period of gardening leave, said some of the people, all of whom requested anonymity discussing personnel changes. The appointment was in the works before the pending acquisition of Credit Suisse by rival UBS Group AG, which was brokered by the Swiss government over the weekend, the people said.
Hoffman worked on transactions for companies including Forma Therapeutics Holdings Inc., ATAI Life Sciences NV and AbCellera Biologics Inc., securities filings show. At RBC, Hoffman will be reunited with John Kolz, a Credit Suisse veteran who joined RBC as global co-head of equity capital markets last year.
Separately, the bank’s head of West Coast technology ECM Justin Sterling, who is based in San Francisco, is set to join Wells Fargo & Co. A spokesperson for Wells Fargo confirmed the hire and declined to comment further. He has worked on transactions for Beyond Meat Inc. and Revolve Group Inc., securities filings show.
Sterling will join Wells Fargo later this year as head of tech ECM, reporting to Lear Beyer and Craig McCracken, co-heads of ECM, a person familiar with the matter said.
A Credit Suisse spokeswoman declined to comment, as did Hoffman. Sterling and RBC representatives didn’t immediately respond to a request for comment.
UBS chairman Colm Kelleher said on Sunday that he intends to downsize Credit Suisse’s investment bank.
Read more: UBS Vows to Shrink ‘Tricky’ Credit Suisse Investment Bank
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