CREDIT Suisse, the bank that is advising the giant insurer Prudential on its £15bn rights issue, has hired Dominic Charnock from Nomura for its growing investment banking team.
Charnock joins the investment banking team that includes Charles Donald, who left Nomura for Credit Suisse at the end of last year.
Donald is widely credited as having previously helped Lehman Brothers build a UK corporate broking business before the collapse of its parent bank.
Charnock will ultimately report to Credit Suisse’s head of British investmentbanking, Sebastian Grigg. Grigg has been building up Credit Suisse’s highly rated team, which includes government adviser James Leigh Pemberton. Charnock’s hire is the third from Nomura within the past year with Stuart Field also now part of the Credit Suisse team.
As well as the Prudential deal, Credit Suisse has worked on four of the top 10 M&A deals in recent weeks.
Nomura’s reputation for holding on to talent it took on when it bought Lehman’s old European business will have taken a knock after several defections in recent weeks.
There are suggestions that the departures at the higher end of the management structure might be connected to the expiry of guaranteed payments from Nomura following the Lehman takeover.