Deutsche Bank Poaches Stephane Gruffat from Credit Suisse

Fazzaco learned that Credit Suisse's longstanding ECM banker Stephane Gruffat has jumped to Deutsche Bank​ as co-head of equity capital markets in Europe. The Swiss lender has seen the departure of two senior bankers following its involvement in a run of scandals.

As seen on his LinkedIn profile, Gruffat has been with Credit Suisse for over two decades with his most recent role as Managing Director and Head of EMEA Syndicate. Prior to his departure, Gruffat helped the Swiss lender manage several high-profile stock market fundraisings in Europe.

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In his new role, Gruffat will report to Henrik Johnsson, Co-head of Capital Markets and European Investment Banking at Deutsche Bank, which just reported a seven-year-high Q1 profit​.

Last month, another executive at Credit Suisse, Didier Denat also left the Swiss banking giant to join Citi as Head of Alternative Assets in EMEA. Denat spent 21 years at Credit Suisse, where his most recent role was Head of Corporate Banking and Member of the Executive Board.

Credit Suisse suffered a loss of more than $5 billion as a result of the collapse of Archegos, a U.S. investment firm and suspended funds linked to Greensill Capital, a collapsed British supply chain finance company. Because of the scandals, the bank cut bonuses when the majority of its rivals will possibly raise payouts following an impressive quarter for trading.