Credit Suisse's EMEA Banking Co-Head Cathal Deasy Leaves

Cathal Deasy, the Co-Head of Investment Banking and Capital Markets (IBCM) for EMEA at Credit Suisse, has ended his tenure in the bank.

Deasy is one of Credit Suisse's top dealmakers, joining the Swiss bank in 2016 from Deutsche Bank to lead its European M&A business. He was named co-head of EMEA IBCM at Credit Suisse alongside Giuseppe Monarchi in September 2022.

Monarchi now is sole head of Credit Suisse's investment banking business in EMEA, according to people familiar with the matter. Furthermore, William Mansfield, head of EMEA Consumer & Retail M&A, has taken up Deasy's responsibilities as head of EMEA M&A, according to an internal memo and confirmed by the bank.

This is the latest personnel change in the Swiss bank, following the departure of its Greater China CEO Carsten Stoehr​ in last month.

Affected by macroeconomic conditions, Credit Suisse's financial performance in 2022 continued to decline, with a net loss of CHF 4 billion in the third quarter. In order to maintain the sustainable development of the bank, Credit Suisse had made several job cuts last year to reduce operating costs. In September, the bank announced that it would cut around 5,000 jobs, about 1/10 of its workforce. At the end of October, the company said that it would cut another 9,000 jobs​​. Its business teams in Southeast Asia and Greater China​ is also being scaled down. 

Credit Suisse, which currently has around 50,110 full-time employees, said it expected to run the bank with a headcount of 43,000 by the end of 2025.