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Credit Suisse poaches Nomura banker Tucker for investment bank and wealth management tie up

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Credit Suisse has hired another senior dealmaker as it expands its unit offering investment banking work to wealth management clients amid a broader pivot to serving the super-rich.

The Swiss bank has named Oliver Tucker as head of wealth management investment banking advisory for the UK, according to a memo seen by Financial News. This is the second senior hire in 2022 after Philippe Guez joined as head of the unit in France earlier this month.

Tucker joins from Nomura, where he was a managing director within its UK investment banking business. He previously worked for boutique Tricorn Partners and started his investment banking career at Citigroup.

READ Credit Suisse hires Guez to drive investment bank and wealth management tie up in France

The wealth management investment banking advisory business at Credit Suisse is a key area of growth for the Swiss bank under investment bank chief executive, Christian Meissner. It shuttered its prime services unit after a $5.5bn hit from its exposure to collapsed family office, Archegos Capital, as part of a broader shift to capital light business units in a strategy overhaul unveiled in November.

In a presentation to investors in November, Meissner said that Credit Suisse’s investment bank would develop closer ties to its wealth management unit.  “The wealth management business is a core priority for Credit Suisse, ” Meissner said. “It is also a fundamental driver for the investment bank strategy and one of our key competitive advantages. Not only do we have many opportunities to do more with our existing ultra high net worth clients, and that’s something that I’ll focus on.”

READ Credit Suisse unveils overhaul of senior ranks as Welter, Wah co-lead global banking

The WM investment banking division, which offers mid-market investment banking services to clients within wealth management including rich entrepreneurs, was set up in July 2020 and initially co-headed by Meissner.

Large investment banks are increasingly focused on smaller deals, with Goldman Sachs, Bank of America, HSBC and JPMorgan among the banks pushing into the mid-market. In its November investor day, the Credit Suisse said that mid-market deals were a key focus in Europe.

In September, Credit Suisse also hired Andrea Cacciapaglia and Andrea Falbo to run the business in Italy.

Meissner has wasted little time in overhauling Credit Suisse’s investment bank since he took over from Brian Chin in April. He has been focused on hiring senior dealmakers after around 55 left in the wake of the Archegos crisis, and hired or promoted 45 bankers last year.

Meanwhile, the Swiss bank has unveiled a clutch of new leaders for its investment bank, promoting long-serving dealmakers Jens Welter and David Wah as co-heads of banking along with a series of other promotions. It has also brought its corporate bank into its investment bank and combined capital markets business. On the trading floor, its equities, credit, research and global trading solutions divisions have all unveiled leadership teams.

To contact the author of this story with feedback or news, email Paul Clarke