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Credit Suisse bankers are finding new homes at banks which pay less

Credit Suisse directors who left their jobs, voluntarily or not, are still turning up in new places which are not UBS. In some cases, their new jobs appear bigger than their old ones.

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Anshul Pandey, a former director in M&A at Credit Suisse, has just arrived at ING in London, where he will head the bank's UK private equity advisory offering. Pandey's arrival comes as many banks – such as Goldman Sachs – sit in wait for financial sponsors (aka private equity firms) to trigger their dry powder and launch an advisory activity renaissance.

Credit Suisse and UBS have cut a combined 9,000 people so far, with around 40,000 in total expected to head to the chopping block. ING isn't the only European bank taking advantage of the available talent: Santander hired multiple Credit Suisse bankers last year and has added at least another four senior bankers in 2024.

ING has made a few other hires, albeit not from Credit Suisse. For example, it recently recruited Jyoe Lee from Citi as an equity derivatives flow trader. Lee was based in London for Citi, but is moving to Amsterdam for ING. 

ING is thought to have a better quality of life than other banks. However, its pay is not the best. Investment banking Material Risk Takers at the bank earned $521k on average in 2021, less than almost all competitors, with bonuses a quarter of even Santander’s.

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AUTHORZeno Toulon

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