Latest banking news, September 15, 2022

Chris Ratcliffe/Bloomberg

Credit Suisse Group has lost a pair of senior bankers to rivals. New York-based Daniel Cavalli is joining Morgan Stanley as chief executive, according to people with knowledge of the matter who asked not to be identified as details are private. Cavalli led the bank’s financial institutions and mergers and acquisitions coverage groups in Latin America, as shown in his LinkedIn profile. He joined Credit Suisse in 2000 after two years at Lehman Brothers. Amit Melwani, managing director of consumer and retail mergers and acquisitions, is joining Bank of Montreal, people with knowledge of the matter said. Melwani has had two stints at the Swiss bank since 2011 and was briefly director of mergers and acquisitions for Burger King of Restaurant Brands International Inc., as shown in his LinkedIn profile. Representatives from Credit Suisse, Morgan Stanley and BMO declined to comment. The struggling Swiss lender has lost several bankers in recent months to firms such as Truist Financial, which hired financial sponsors cover banker Hayes Smith, and Bank of America, which hired Prescott Johnson to broker energy and infrastructure. He also made up for some losses with hires including Maxence de Gennaro de Lazard. Credit Suisse board members have floated the idea of ​​giving senior bankers stakes in the investment banking industry, Bloomberg News reported last week. —Crystal Tse and Gillian Tan, Bloomberg News

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