Credit Suisse has poached the head of investment banking at Barclays in Spain, the latest senior hire at the Swiss bank as it adds to its senior ranks of dealmakers after a spate of departures.
The Swiss bank named Nacho Moreno as head of investment banking and capital markets for Spain and Portugal, according to an internal memo seen by Financial News and confirmed by a bank spokesperson.
Moreno is a veteran dealmaker, who has helped propel Barclays into a leading position in Spain, and his hire means another senior leader at Credit Suisse’s post-Brexit hub in Madrid, which has swelled to over 500 employees.
“Hiring such a senior and successful banker as Nacho in this key role is illustrative of our commitment to continue hiring strategically across Emea in the markets and coverage areas that we are focused on from a share of wallet perspective,” the memo announcing his appointment said.
Moreno will report into Jens Haas and Giuseppe Monarchi, co-heads of Europe, the Middle East and Africa coverage at Credit Suisse. Wences Bunge, who has been head of Credit Suisse’s IBCM for Spain since 2016, will maintain his his roles as chief executive for Spain and Portugal as well as global chairman of its real estate group.
Credit Suisse has been rebuilding its ranks of senior dealmakers after around 55 managing directors left its investment bank last year in the wake of its $5.5bn hit from the collapse of family office Archegos Capital. In the past 12 months it has also hired around 50 senior bankers, however, and has often turned to former employees to bolster its ranks.
Moreno has been head of investment banking for Iberia at Barclays since 2018 and has been instrumental in moving the UK lender into a top five league table position in the country. He has a 30-year investment banking career, starting out at Deutsche Bank in 1998, and has been at Barclays for nearly two decades, holding senior roles in leveraged finance, equity capital markets and debt capital markets focused on Southern Europe.
Credit Suisse’s post-Brexit hub is in Madrid, and the Swiss bank has been adding senior dealmakers in the Spanish city in recent months. Israel Fernandez del Sol, who joined last year as co-head of Emea financial institutions banking FIG and Rafael Abati, its head of M&A for energy and infrastructure in the region, are also based in Spain.
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