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Credit Suisse AG has hired Goldman Sachs Group Inc leveraged finance banker Matt DeFusco as a managing director. DeFusco will report to head of U.S. loan capital markets Jonathan Moneypenny and head of U.S. high yield capital markets Marc Warm and start later this year, according to an internal memo from the Swiss bank on Tuesday.
Matthew Masso has been tapped by Credit Suisse to head the commercial real estate finance group, replacing former chief Mark Brown, a person familiar with the matter told IFR. Credit Suisse ranked third in terms of CMBS originations last year with US$13bn of deals, according to IFR league tables.
Despite recent changes at banks such as faster promotions intended to retain employees, many firms are still in danger of losing top talent, according to a new report. The study, released on Wednesday night by consulting firm Quinlan & Associates, said some banks are incurring up to $1 billion in costs annually associated with replacing employees who leave voluntarily. "Only when there is a fundamental re-engineering of a bank's DNA to deliver a more holistic career proposition will they see a meaningful, lasting change in perceptions towards the industry as an employment choice," the report said.