Morgan Stanley Hires Greg Weinberger Away From Credit Suisse
The investment banker’s departure comes as the Swiss bank deals with losses tied to the meltdown of Archegos Capital Management
Morgan Stanley MS -1.27% has hired longtime investment banker Greg Weinberger away from Credit Suisse Group AG , according to people familiar with the matter, the Swiss bank’s highest-profile departure yet as it deals with losses tied to the meltdown of Archegos Capital Management.
Mr. Weinberger, a Credit Suisse CS -1.53% veteran, was most recently its global head of mergers and acquisitions.
Credit Suisse on Wednesday tapped Steven Geller and Cathal Deasy as co-heads of global M&A, some of the people said. The two will report to David Wah, who will become global head of advisory while continuing to lead the firm’s client advisory group.
Mr. Wah is one of the firm’s most senior deal makers, having previously led several sector groups. Mr. Geller joined the firm in 1994 and has been in charge of M&A in the Americas and global technology M&A, while Mr. Deasy, who joined in 2016, has been leading M&A in Europe, the Middle East and Africa.
Mr. Weinberger is expected to start at Morgan Stanley in the fall and continue to focus on advising clients on M&A in Morgan Stanley’s investment bank, the people said.
He has historically advised clients in the oil-and-gas sector as well as other sectors such as industrials and technology. He advised Chevron Corp. on its proposed $33 billion acquisition of Anadarko Petroleum Corp., which Chevron later walked away from after Occidental Petroleum Corp. agreed to pay more. He advised on several recent energy deals, including Chevron’s roughly $5 billion purchase of Noble Energy Inc. and Concho Resources Inc.’s roughly $10 billion sale to ConocoPhillips.
He has been with Credit Suisse since 1996, aside from a short stint with another bank.
More than 10 managing directors in the Swiss firm’s U.S. investment-banking division have internally disclosed plans to leave, most for rival firms, and others are considering their options. Investments held by Archegos, a family investment vehicle for Bill Hwang, plummeted in late March, forcing Credit Suisse and other banks to sell large stock positions at losses.
The woes of the bank’s prime-brokerage unit, which caters to investors such as Archegos, has overshadowed an otherwise strong run for the investment bank, especially within capital markets and advisory.
The bank has advised on large transactions lately including chip maker Advanced Micro Devices Inc.’s $35 billion purchase of rival Xilinx Inc. and the $21 billion acquisition of Speedway by the Japanese owner of the 7-Eleven convenience-store chain.