David Wah, a highly experienced investment banker and Credit Suisse Group AG veteran of three decades, has resigned from UBS Group AG in light of the recent acquisition.
Wah, who previously held the position of global head of investment banking at Credit Suisse’s Investment Banking & Capital Markets division, informed the firm about his departure, as stated in a memo obtained by Bloomberg News.
During his tenure, Wah played a pivotal role in establishing one of the strongest franchises within the Investment Banking & Capital Markets division, particularly in the tech sector.
His leadership led to landmark initial public offerings (IPOs) and mergers and acquisitions (M&A) deals with renowned tech companies.
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Michael Ebert, head of Credit Suisse’s investment bank, expressed gratitude for Wah’s contribution and acknowledged that his impact goes beyond what could be summarized in the memo.
Ebert further noted that Wah has agreed to assist during the transitional period.
Both a UBS spokesperson and Wah have not responded to requests for comment. However, a representative from Credit Suisse has verified the contents of the memo.
Alongside Wah’s departure, Credit Suisse announced the appointment of “transition co-heads” for its three major regions.
David Kostel and Marc Warm will assume the roles of transition co-heads in the Americas, while Michael Furber and Jonathan Grundy will take on the responsibilities in Europe.
In the Asia-Pacific region, Kuan-Ern Tan and Christian Deiss will handle the duties.
Ebert emphasized that all current global heads within Credit Suisse should continue to carry out their responsibilities, with further updates on changes in reporting lines to be provided shortly.
Before the completion of the UBS deal, several of Wah’s long-term colleagues had departed for competitors.
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Niron Stabinsky, a prominent banker specializing in blank-check companies, and Steve Geller, a former global head of investment-banking mergers and acquisitions, joined Banco Santander SA.
Additionally, Giuseppe Monarchi, a senior banker based in London, left for Evercore Inc., while Malcolm Price, the former global head of sponsors, was hired by Wells Fargo & Co.
Wah’s professional journey began as an associate at the law firm Cravath, Swaine & Moore LLP before joining Credit Suisse in 1992, according to his LinkedIn profile.
Throughout his career, he provided advisory services to major technology clients, including Alibaba Group Holding Ltd., Dell International Inc., and Advanced Micro Devices Inc.
Wah also played a significant role in the plan for CS First Boston to gain independence from Credit Suisse with the support of Michael Klein. However, this plan fell through following the UBS takeover.
It was reported by Bloomberg this week that UBS is planning to reduce Credit Suisse’s workforce by over 50%, starting next month.
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