Deutsche Bank hires top Credit Suisse ECM banker Gruffat By Reuters

By Abhinav Ramnarayan

LONDON (Reuters) -Deutsche Bank has hired Credit Suisse (SIX:)’s Stephane Gruffat as co-head of equity capital markets for the Europe, Middle East and Africa region, according to an internal memo seen by Reuters.

Gruffat was head of the equity capital markets syndicate at Credit Suisse for the EMEA region, and had been at the Swiss bank for more than 20 years.

At Deutsche Bank (DE:), he will also be head of ECM syndicate for the EMEA region, and will report to Henrik Johnsson, the German lender’s co-head of capital markets and European investment banking.

Deutsche Bank recently posted its highest profit in seven year for the first quarter, driven by its investment bank that benefited from the boom in listing special purpose acquisition companies (SPACs).

Credit Suisse, meanwhile, has been plunged into crisis after losing more than $5 billion from the collapse of U.S. investment firm Archegos and suspending funds linked to collapsed British supply chain finance company Greensill Capital.

Gruffat has helped manage several high-profile stock market fundraisings in Europe including the listing of Allfunds earlier this year.