Bloomberg - Two top firms promote 344 to Managing Director

Well on the way to the big time.

Credit Suisse is promoting 166 employees across the firm to managing director as the largest global investment banks go through their annual rites of rewarding staff.

Bloomberg News reports that, in London, which has borne the brunt of Chief Executive Officer Tidjane Thiam’s restructuring, 19 bankers were promoted to the MD level, one of the people said. Most of the London promotions were made in the trading unit, which is led by Brian Chin, the person said. Some of the new managing directors include staff working in back-office functions.

In the meantime, Bloomberg also reports that Citigroup has promoted a larger share of employees from its institutional-clients group to the company’s highest rank, a sign of the growing importance of the firm’s trading and investment-banking operations.

Two-thirds of the 178 employees named managing director this year work in the ICG division, compared with 60 percent in 2016, according to Danielle Romero-Apsilos, a spokeswoman for the New York-based bank. The total number of new managing directors declined 5.8 percent from the previous year.

Citigroup names a new class of managing directors every December.

Credit Suisse Promotes 166 Employees to Managing Director Level

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