In a pair of C-suite shake-ups, Credit Suisse investment-bank chief Christian Meissner and JPMorgan Chase investment-banking chair Carlos Hernandez are set to leave their respective companies in the coming months, according to reports Monday from Bloomberg and The Wall Street Journal.
Meissner’s departure is expected to be announced Oct. 27 amid a wide-ranging overhaul at the Swiss bank that may see the unit cut back or split, according to Bloomberg.
Meissner, whom Credit Suisse hired in October 2020, is considering starting his own advisory firm or joining another institution next year, people familiar with his thinking told the wire service.
Meissner became the embattled Swiss lender’s investment-banking chief last year amid twin scandals involving Archegos Capital Management and Greensill that cost the bank billions of dollars.
Credit Suisse shifted Meissner to a role centered on the unit’s strategic transformation this spring. The bank warned it expected further loss in the third quarter from that same segment. David Miller and Michael Ebert replaced Meissner to co-lead the investment bank in July.
JPMorgan’s Hernandez, meanwhile, is set to retire at the end of 2023’s first quarter, according to a company memo Monday from CEO Jamie Dimon and the bank’s president, Daniel Pinto.
The departure of Hernandez, JPMorgan’s executive chair of investment and corporate banking, won’t affect the chain of command the bank has in place. Jim Casey and Viswas Raghavan have been running the global investment banking unit’s day-to-day operations since 2020.
Hernandez, a 36-year veteran of the bank, will leave as investment banking fees at JPMorgan have seen a 44% slump this year. He joined Morgan Guaranty Trust in 1986 and largely shunned the spotlight.
Throughout his career, he helped grow several segments of JPMorgan including its treasury services, investor services and global equities businesses.