Credit Suisse Group is losing eight senior bankers to Banco Santander, including mergers and acquisitions leader Steve Geller.

According to BNN Bloomberg, others who have joined Geller, who was appointed to head of investment banking and capital markets M&A in January, include the following:

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The moves reflect Banco Santander’s development in the United States, reportedly to one of the sources who asked not to be identified since the subject matter is confidential. 

Santander and Credit Suisse representatives declined to give a statement to the publications.

The bankers are the most recent senior employees to leave Credit Suisse following its compelled sale to UBS Group AG.

The Financial Times was the first to report about Banco Santander’s negotiations to hire a large number of senior Credit Suisse bankers.

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Credit Suisse recently also named a new chief investment officer.

Burkhard Varnholt has assumed the role of global chief investment officer (CIO) and head of the investment committee at Credit Suisse, effective May 8 2023.

Varnholt has served as deputy global CIO and vice-chairman of the investment committee since 2016.

Michael Strobaek will leave these positions to pursue a new opportunity outside of the bank.

Reporting to Francesco De Ferrari, CEO of wealth management, Varnholt will also serve on the management committee of the wealth management business.

The approaching shift will be managed and positioned by Varnholt and his colleagues, who will also manage the viewpoint of Credit Suisse.