Credit Suisse Loses Top FIG Team

Credit Suisse Group AG has recently lost a top team of financial services bankers (FIG bankers) to a major competitor in Jeffries Financial Group Inc.

The team was led by Alejandro Przygoda and includes managing director Carlos Marque, as well as directors Fitzgerald Woolcott and Henry Kong. Alejandro himself is known and respected for his experience making deals in the insurance sector.

He has been employed by Credit Suisse for more than ten years and leaves having been global head of financial institutions.

Credit Suisse Loses FIG Team

This is the latest in a series of departures from Credit Suisse. All on the heels of recent scandals regarding Archegos Capital Management and Greensill Capital, the supply-chain finance firm.

In April 2021 Credit Suisse lost $5.5 billion thanks to huge misplaced bets by the family investment firm Archegos Capital Management.

In March 2021 Credit Suisse “pulled the plug” as put it on $10.1 billion in supply chain funds it had co-managed with Greensill when the latter collapsed. As a result of that $10.1 billion blow-up Credit Suisse also went about severing its business ties with the Japanese conglomerate Softbank.

Credit Suisse alongside other banks held approximately $8 billion worth of Softbank shares. These shares were held as collateral.

In just recent weeks prior Credit Suisse witnessed more than four senior exits. Those departures left for Goldman Sachs Group Inc, Bank of American Corp, and Barclays Plc.

In this same week, Jose Olympio Pereira tendered his resignation after a long tenure as the business’s Brazilian head.

In the previous year, Pryzgoda saw his team shrunk down due to bank restructuring. This occurred as a result of Credit Suisse forming a separate team of financial services bankers for the EMEA region which used a different reporting line.

Neither of the financial institutions’ Credit Suisse nor Jeffries Financial has given comments over the latest defections. None of the four bankers involved have given any comments either.