MILAN (Reuters) -Credit Suisse has appointed Paolo Celesia and Michele Pangrazzi as co-heads of its Italian investment banking business, with Andrea Donzelli leaving the Swiss group to join Jefferies, two people close to the matter said.
Donzelli will become Jefferies' new country head in Italy and vice chairman of investment banking from January or February, the people said, following in the footsteps of other senior bankers who have joined from the embattled Swiss group.
Last year Jefferies poached Alejandro Przygoda and Armando Rubio-Alvarez from Credit Suisse (SIX:CSGN) as it built up its financial institutions team with dozens of new hires globally.
Jefferies is a rare example of a U.S. bank adding jobs in Europe at a time when others are cutting back due to declining dealmaking revenues as a result of higher interest rates, war and soaring inflation.
Citi plans to cut as many as 50 jobs in Europe, Middle East and Africa, two people close to the matter told Reuters.
Donzelli was Credit Suisse chief executive in Italy and co-head of investment banking and equity capital markets. At Jefferies he will work alongside Jefferies' head of investment banking in Italy, Mauro Premazzi.
Celesia, who joined Credit Suisse in 2007 after previous jobs at Rothschild, UniCredit (LON:0RLS) and Mediobanca, takes on the new role of investment banking capital markets (IBCM) co-head from the position of head of equity capital markets for southern Europe, an internal memo seen by Reuters showed.
Pangrazzi is currently Credit Suisse's co-head of M&A industrials for Europe, Middle East, Africa (EMEA).
The memo seen by Reuters and signed by Credit Suisse's EMEA IBCM co-heads Cathal Deasy and Giuseppe Monarchi, said Celesia and Pangrazzi would take on their new responsibilities with immediate effect.
Rome-based Donzelli oversaw high profile deals such as the privatisation of national post office Poste Italiane.
One of the sources said his arrival at Jefferies could help the U.S. bank, which at present only has offices in Milan, expand its presence in the Italian capital.