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People are still leaving Credit Suisse's securitization business.

The restless people Credit Suisse can't afford to lose

It's no secret that people have been leaving Credit Suisse. Despite the need to pay back last year's cash bonuses, plus income tax upon departure, Credit Suisse managing directors have been leaving the bank everywhere from Hong Kong to London. 

However, as Credit Suisse seeks to fill what Jefferies today predicts will be an $8bn capital shortfall by 2024, there's one area of its business where it particularly can't afford to lose people. Pimco, Sixth Street and an investor group including Centerbridge Partners are reportedly interested in buying the securitized products business and if (more) people leave, it could be problematic. 

It's unfortunate, then, that people are still going. Brad Marvin, the head of US CMBS secondary trading, left in the past few weeks. He's been replaced by Daniel Ezra, who's been appointed global head of CMBS secondary trading alongside his previous role as global head of CLO secondary trading.

Credit Suisse's securitized products business is already looking depleted. It's no coincidence that Sixth Street is interested in buying it, given that Mike Dryden, the former global head of securitized products at the Swiss bank, himself went to Sixth Street in April. Oliver Nisenson, one of Dryden's key lieutenants, is now at Blackstone and Kelly McGann, one of Credit Suisse's top women in securitization sales in New York, resigned in June and has yet to resurface. 

With Dryden et al out the door, insiders say the new generation of leaders at Credit Suisse's securitized products business includes: Jon-Claude Zucconi, who's worked there since joining from Barclays in 2011, Peter Sack, who heads mortgage finance, Matt Masso, head of commercial real estate finance, and Steve Viscovich, who's been there 14 years. Warehouse and conduit financing is run by PJ Hart. Ryan Bernholz runs non-agency trading. And David Gardner runs agency trading. 

These are the people, more than any others, that Credit Suisse needs to keep. As October 27th approaches, they are also who Credit Suisse will be attempting to lock-in as hard as possible. Marvin's exit suggests that despite its best efforts, the bank may not always be successful in that endeavor.

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AUTHORSarah Butcher Global Editor
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