Swiss bank Credit Suisse Group AG will merge its oil and gas banking group with the global infrastructure, utilities and renewables team as part of a broader restructuring announced earlier on July 30, according to a memo seen by Reuters.
Credit Suisse has been expanding its energy coverage for some time now. While confirming the memo, a company spokesman said the latest move will help the bank bridge the gap between its different sub-sectors in energy.
The changes also come at a time when a growing number of traditional oil and gas companies like European oil majors BP Plc and Royal Dutch Shell Plc are trying to transition towards renewables and other 'cleaner' sources of energy.
"The new group will be optimally positioned to work with our clients seamlessly across the entire spectrum of energy, utilities, renewables and infrastructure while allowing us to better capitalize on opportunities for the firm in areas such as the ongoing energy transition," the memo said.
The new 'energy and infrastructure' group will be led by company veteran Tom Greenberg, who co-headed Credit Suisse's global oil and gas business, and Jonathon Kaufman, who joined the bank from rival Deutsche Bank AG in 2014 and was recently appointed as head of the global infrastructure, utilities and renewables group.
Credit Suisse's new CEO, Thomas Gottstein, earlier on July 30 unveiled a large reorganization by merging global markets into the investment banking team, a shift away from the structure introduced by previous CEO Tidjane Thiam.
Daniel Rice, former CEO of Rice Energy who now sits on the EQT board, addressed the elephant in the room earlier this month at Hart Energy’s Energy Capital Conference.
Denbury Resources and Penn Virginia mutually agreed to terminate their merger after the $1.7 billion cash-and-stock transaction faced difficult market conditions and shareholder opposition.
Today’s featured Forty Under 40 honoree is Stephanie Reed, Parsley Energy’s VP of land who oversaw the execution of more than two dozen trades across the core of the Midland Basin.