Mar 29, 2023
Deutsche Bank Hires From Credit Suisse, BofA for Retail Business
(Bloomberg) -- Deutsche Bank AG is expanding its consumer and retail practice with the hiring of three bankers from Credit Suisse Group AG and one from Bank of America Corp., according to people familiar with the matter.
Andrew van der Vord from Credit Suisse and Siddharth Malik from Bank of America will become global co-heads of the consumer business, the people said, asking not to be identified because the details aren’t public.
Carrie Barber, who has held roles including global head of luxury, apparel and beauty as well as global head of e-commerce; and Jeff Ponko, a managing director in the retail and consumer products group, are also leaving Credit Suisse for Deutsche Bank, the people said. Van der Vord and Barber are based in New York, while Ponko is in Chicago, according to Finra records.
The moves follow a period of uncertainty for bankers at Credit Suisse, which was forced into a deal with larger rival UBS Group AG earlier this month. The takeover crushed plans to spin out Credit Suisse’s investment-banking business under financier Michael Klein. It also led some bankers to explore alternatives, rather than wait to see if they’ve made the cut at UBS. Others may balk at joining what was the bank’s archrival in favor of a competitor with a larger investment-banking business.
UBS Chairman Colm Kelleher, speaking at a press conference on Wednesday, said his firm is keen to keep Credit Suisse’s most talented investment bankers, but they’ll be subject to a “culture filter.”
Representatives for Credit Suisse and Frankfurt-based Deutsche Bank declined to comment.
Malik, who will be based in London, was at Bank of America for eight years and responsible for some of the biggest clients at the firm, including Diageo Plc and British American Tobacco Plc. He worked on deals including Philip Morris International Inc.’s takeover of Swedish Match AB, announced last year, and Mexican Coca-Cola bottler Fomento Economico Mexicano SAB’s €3.7 billion ($4 billion) stock and equity-linked sale of its stake in Heineken in February.
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