For Recruiters
Another swathe of people quit this afternoon. Everyone wants to work with Johnny Moore.

Credit Suisse London CDS team resigns, probably for Deutsche Bank

As you will know if you've been paying close attention to this site, people are leaving Credit Suisse's credit team. Some are leaving voluntarily. Others are not.

It's not clear which category the latest round of exits in London falls into, but given that they appear to have jobs to go to, it's likely that they left of their own volition and their expected destination is...Deutsche Bank.

Sources say that some of the highest producing members of Credit Suisse's London high yield team quit this afternoon. They include Jack Patten, a high yield credit trader who was hired from JPMorgan in 2019, and Harry O'Donahoe a director in high yield credit strategy who started his career at Goldman Sachs and joined Credit Suisse after a few years at Atlantic Capital Management in August 2020.  Efe Şenoğlu, a junior who worked with Patten is also understood to have quit.

While Şenoğlu is thought to be joining JPMorgan, the unconfirmed suspicion is that Patten and O'Donahoe are off to Deutsche Bank to be reunited with Diego Discepoli, the former head of the EMEA credit business, and with Johnny Moore, the incredibly popular former head of global credit at Credit Suisse, who joined DB as head of flow credit sales and trading earlier this year. Philip Kurukgy, a Credit Suisse credit strategist, is already understood to be on his way to DB, albeit not to join Moore's team but in ESG FIC structuring instead.

Credit Suisse declined to comment on the exits. The bank is in the process of cutting 9,000 people by 2025. The global credit group is being moved into CS First Boston.

Sources say Patten and the junior who quit were responsible for up to 70% of revenues on the Swiss bank's London high yield desk. Their exit comes after the bank unexpectedly cut people like Vivek Nahar, the head of high yield sales and one of the team's most profitable salespeople. 

"Some of the only people who seem to be staying are the unproductive MDs in charge," says one insider. By comparison, sources say Moore is "very loved" and that many CS people would much rather work for him instead. "Jonathan is the kind of character who you can trust, people are very loyal and he gives juniors a good platform to grow," says one Credit Suisse employee. "He came through the ranks himself and is very down to earth."

Click here to create a profile on eFinancialCareers. Comment ANONYMOUSLY on articles and make yourself visible to recruiters hiring for top jobs in technology and finance. 

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORSarah Butcher Global Editor
Cancel

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Jobs
Capstone Investment Advisors (UK) LLP
2023 Investment Graduate Rotation Program
Capstone Investment Advisors (UK) LLP
London, United Kingdom
HSBC
Trader Assistant
HSBC
London, United Kingdom
Selby Jennings
Trading Assistant
Selby Jennings
London, United Kingdom
Selby Jennings
Managing Director - Investor Relations
Selby Jennings
London, United Kingdom