- Credit Suisse rehired Dave Stolzar as Americas head of specialty finance, per an internal memo.
- Multiple FIG bankers this spring left for competitors.
- More than 60 senior have recently departed, but Credit Suisse has also made some high-level hires.
Credit Suisse is adding people back to its financial institutions group by rehiring a banker who previously spent 15 years at the firm, Insider has learned.
The bank hired David Stolzar to be Americas head of specialty finance, according to an internal memo reviewed by Insider. In his new role, Stolzar, who starts on July 19, will be based in New York and report to head of FIG Americas Jim Spencer.
The hire comes after a group of Credit Suisse's FIG bankers departed for rival firms and as more than 60 bankers, traders, and execs have left the bank in recent months. The firm's former EMEA FIG head, Armando Rubio-Alvarez, is heading to Jefferies, along with former global FIG head, Alejandro Przygoda, and a handful of directors, according to Reuters and finews.
Bankers had pressed firm leadership over concerns about bonuses after the bank was rocked this year by the implosions of Greensill and Archegos.
Stolzar had previously spent more than 15 years at Credit Suisse, first as a FIG analyst and associate from 2001-2006 and then again in 2009, where he focused on specialty finance and was promoted to managing director in 2017. He was head of EMEA specialty finance and was most recently focused on business development in Credit Suisse's securitized products group. He left the firm for the second time in December 2020.
Stolzar also did a stint as an investment analyst at Marathon Asset Management, from 2007-2009, where he focused on financial institutions.
In recent weeks, Credit Suisse has moved to staff up its FIG team and elsewhere: Kyle Heroman recently joined the firm from Piper Sandler's US FIG M&A team, the Wall Street Journal first reported. Joanne Hannaford from Goldman Sachs is Credit Suisse's new chief technology officer, per the Wall Street Journal.
"With his strong internal relationships and years of experience in the Specialty Finance sector, the team is delighted to welcome Dave back as we continue to build momentum," said the memo, which was sent by Spencer and Andrew Rosenburgh, vice chairman of global FIG and head of specialty finance.
Credit Suisse confirmed the contents of the memo but declined to comment.