Credit Suisse Group has overhauled its investment banking division after the co-head of its European investment banking business made an exit, Reuters has reported citing internal memos.

The development has also been confirmed by a Credit Suisse spokesperson, added the publication.

It involves the departure of Cathal Deasy, who was promoted to the role of regional co-head of the Swiss bank’s Investment Banking & Capital Markets (IBCM) unit a few months back.

Credit Suisse has selected Giuseppe Monarchi and Steven Geller to replace Deasy.

Monarchi will lead IBCM in Europe, the Middle East and Africa (EMEA), while Geller will be the global head of mergers and acquisitions (M&A).

Besides, William Mansfield, who is the head of EMEA consumer & retail M&A, has taken over the role of chief of EMEA M&A from Deasy.

The bank has also appointed Gen Oba, a banker at Credit Agricole, as co-head of IBCM in France, Belgium and Luxembourg.

Deasy’s departure comes at a time when several people have left Credit Suisse as the bank unveiled a plan to layoff thousands of employees.

In November last year, the bank reportedly cut around one-third of its investment banking jobs in China in the wake of an overhaul of its global operations and slump in its Chinese business.

Credit Suisse is also in the middle of a plan to spin-off its investment banking arm and set up a newly re-branded firm.

In addition, the bank is shifting is attention from investment banking business to more stable wealth management activities, as part of the overhaul.