Morgan Stanley has hired a senior Credit Suisse banker to co-head its leveraged finance syndicate business in Europe, as firms have continued to capitalise on the fallout from the Swiss bank.
Joe Bishay has joined the Wall Street bank as co-head of leveraged finance syndicate for Europe, the Middle East and Africa. He joins after an eight-month gardening leave period following his departure from Credit Suisse in the aftermath of its takeover by rival UBS in March.
Bishay joined Credit Suisse in March 2021 as head of leveraged finance syndicate, Financial News reported at the time. He left Bank of America after a 15-year stint at the Wall Street lender. Despite its woes in recent years, Credit Suisse was among the top banks in leveraged finance.
READ UBS snags 200 senior Credit Suisse bankers after landmark deal
UBS has lost scores of senior Credit Suisse investment bankers since its $3.3bn shotgun takeover in March, which was pushed through by the Swiss government. Rivals including Citigroup, Deutsche Bank, Evercore and Santander have scooped up top dealmakers after the biggest bank merger since the 2008 financial crisis.
However, UBS has also moved around 200 managing directors across from Credit Suisse and senior management within the investment bank view the takeover as a chance to accelerate its ambitions including a move to expand in the US dealmaking market and build out in key sectors such as healthcare and technology.
UBS has also hired senior dealmakers, latterly taking on JPMorgan veteran Tommy Rueger as co-head of equity capital markets.
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