HSBC just hired a Credit Suisse MD who was unemployed for a year
It used to be said that if you lost your job in sales, you had six months to find a new one. Clients are fickle creatures and after a few months of zero contact they forget you ever existed and move on to whoever else is in the market.
The reappearance of Mohammed Zubair Patel suggests this isn't always true. The former managing director for prime sales at Credit Suisse, Patel left the bank in March 2022 when the prime business closed. After a long break he's now back, at HSBC, where he works in client executive platform sales in London.
Patel's path should offer hope to other Credit Suisse bankers wondering about their next move if and when UBS ejects them. It comes as various Credit Suisse people who left before the UBS rescue are finding new roles. - Sarah Gadd, the former co-head of Credit Suisse's chief technology office, has just resurfaced at Julius Baer as chief data officer and head of process automation after a period of gardening leave.
Patel spent most of his career at Credit Suisse, and worked at the bank for nearly 17 years. Gadd was there for 23 years. The reemergence of the two is a reminder that Credit Suisse people are respected in the market, even if they did work in the unit that was directly implicated in the $5.5bn loss relating to Archegos.
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