Deutsche Bank announced on Thursday that it has named Stephane Gruffat as its new Co-Head of equity capital markets in Europe, effective immediately.
According to an internal memo seen by Reuters and shared with Finance Magnates, Stephane Gruffat, a financial veteran at Credit Suisse, has been recruited by Deutsche Bank, a leading German financial services provider, as its new Co-Head of equity capital markets in Europe.
Additionally, Gruffat will Head the ECM syndicate for the EMEA region. He will report directly to Henrik Johnsson, the bank’s co-head of capital markets and European investment banking.
Prior to this announcement, Gruffat spent his entire career at Credit Suisse, which amounts to the sum of two decades at the Swiss-based financial services firm. His most recent position was Head of the equity capital markets syndicate.
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Moreover, Gruffat has contributed to managing several high-profile stock market fundraising rounds in Europe including the Spanish fund distribution firm Allfunds last month, which is located in Amsterdam.
Deutsche Bank’s Benefits from Credit Suisse’s Loss
Deutsche Bank reported its highest profit in seven years for Q1, which was propelled forward by its investment bank that benefited from the boom in listing special purpose acquisition companies. According to Refinitiv, Deutsche Bank is positioned sixteenth in the league table of capital raised on stock markets globally with $6.65 billion.
This announcement marks the departure of another senior banker from Credit Suisse which has been involved in a run of scandals. Gruffat’s decision adds to other recent moves from Credit Suisse. Last week, it was reported that Didier Denat, also a twenty-year veteran at the Swiss bank, left for the ranks of Citi to lead the alternative assets franchise in EMEA.
Credit Suisse has plummeted into a crisis after losing more than $5 billion from the collapse of the investment firm, Archegos and suspending funds linked to the collapsed British supply chain finance company, Greensill Capital. These scandals have led to the bank having to reduce bonuses when a number of its rivals intend to increase payouts after a rich quarter for trading.