Bloomberg News

Credit Suisse’s Granetz to Leave After 25 Years for New Field

December 13, 2011

Dec. 12 (Bloomberg) -- Marc Granetz, chairman of Credit Suisse Group AG’s investment-banking department, is leaving after 25 years to try a role in a different field.

Granetz, 55, “has informed me of his decision to leave the bank to pursue an opportunity outside investment banking,” Eric Varvel, who runs Credit Suisse’s investment bank, said in a memo distributed to employees today and obtained by Bloomberg News. “He will leave a lasting impression on our investment banking business globally, in particular our M&A franchise.”

Credit Suisse, Switzerland’s second-biggest bank by assets, named Granetz chairman at the end of 2009 after he served five years as co-head of the investment-banking department, which handles merger advice and securities underwriting. His latest job at the Zurich-based company was to develop relationships with clients, advising them on complex takeovers and helping with the firm’s strategy.

Earlier in his career, Granetz’s roles included overseeing global mergers and acquisitions, running media and telecommunications banking and managing the team that advised oil and gas companies.

Granetz didn’t immediately respond to phone and e-mail messages seeking comment. Jack Grone, a spokesman for the firm in New York, confirmed the memo’s contents and declined further comment.

The New York Times reported Granetz’s departure on its website earlier today.

--Editors: Peter Eichenbaum, Dan Kraut

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.


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