Credit Suisse’s McKessar to Leave as Banker Exodus Accelerates

(Bloomberg) -- Credit Suisse Group AG senior banker Tim McKessar is joining UBS Group AG, becoming the latest to leave the embattled Swiss lender following the collapse of hedge fund Archegos Capital Management.

McKessar will start at UBS in August running the telecommunications, media and technology advisory team in Sydney, partnering with Brendan Mulheron, according to an internal memo obtained by Bloomberg. McKessar had been at Credit Suisse since 2007 and most recently led its local TMT team.

McKessar’s addition is part of a fresh hiring spree at UBS, which has been on the hunt for talent after losing a string of bankers to new rivals in Australia. A slew of staffers are exiting Credit Suisse in the wake of debacles involving Archegos and supply-chain finance firm Greensill Capital. The Swiss lender last month slashed the amount of money set aside for employee bonuses, using the savings to limit the financial hit from the implosion of Archegos.

McKessar’s departure follows that of Kierin Deeming and Karl Rozman from the Australian unit of the investment bank, adding to more than 10 other senior bankers who left the firm’s U.S. offices in recent weeks. They came on top of other recent exits in Europe and Asia.

Read how Credit Suisse is weighing retention bonuses to stem talent flight

A UBS spokeswoman confirmed the contents of the memo. Matthew Russell, a Credit Suisse spokesman in Sydney, declined to comment on McKessar’s move but said the bank has “a deep bench in investment banking and continues to hire across the Asia Pacific region.”

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