Credit Suisse to Replace ECM Chief

Credit Suisse will likely replace Sabastien Chatel, its departing head of ECM, in the coming several weeks, according to officials at the firm. Internal executives and outside candidates will be considered for the role, they say. Chatel is leaving Credit Suisse to co-head LatAm ECM at Merrill Lynch after having spent under a year at the former. While Credit Suisse executives downplayed Chatel’s departure, emphasizing his short time at the helm of the regional franchise and CS’s dominance prior to his arrival, the shop is heard to have considered matching Chatel’s Merrill offer to keep him. Still, the consensus remains that Credit Suisse’s ECM platform is a solid, multi-tiered effort that relies on strong regional relationships for its business. One departure is unlikely to derail that momentum. But an externally driven market downturn like the one LatAm is experiencing today is sure to shrink ECM revenues, and the shops with the biggest dedicated staffs might be the first to feel the pinch.