Goodbody hires Credit Suisse’s Irish head to lead investment banking

Goodbody Stockbrokers has tapped the head of Credit Suisse’s Irish operation, Sinéad Mahon, to lead its investment banking unit. The move comes at a time when the Swiss banking giant is going through massive restructuring following a series of scandals.

Ms Mahon succeeds Stephen Donovan, who retired from his position as head of investment banking at Goodbody in October, after 26 years with the company. Goodbody staff were informed of the appointment on Thursday afternoon. Ms Mahon will take up her position on March 6th.

She joined Credit Suisse in late 2018, having previously worked for Barclays and Danske Bank. Credit Suisse employs about 100 staff at its Dublin branch.

Goodbody was acquired by AIB in 2021. Its chief executive, Martin Tormey, told staff late last year that the company was on track to make a loss in 2022, amid volatility on stock markets, a slump in capital market deals, and a decline in the value of wealth management assets managed for clients. Goodbody employs about 300 staff.

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“We are so pleased that Sinead is joining the Goodbody team,” Mr Tormey said in a statement. “Sinéad is a highly accomplished leader and her experience and track record will really support the growth ambition we have for our investment banking business, as part of the AIB Group”.

[ Scandal-hit Credit Suisse has reasons to be glad this year’s AGM is again virtual ]

Credit Suisse’s share price dropped by more than 60 per cent during 2022 as the Zurich-based bank dealt with a series of scandals and investors fretted about its capital reserves.

The group, which former Bank of Ireland chief executive Francesca McDonagh joined last September, announced the following month that it was cutting 9,000 jobs and went about raising $3.4 billion (€3.1 billion) capital as it goes about shifting its focus from investment banking towards managing the wealth of its rich clients.

Once a symbol for Swiss reliability, the bank’s reputation has been tarnished by a series of scandals, including an unprecedented prosecution at home involving laundering money for a criminal gang.

In 2021, the bank took a $5.5 billion loss from the unravelling of US investment firm Archegos and had to freeze $10 billion worth of supply chain finance funds linked to insolvent British financier Greensill, highlighting risk-management failings. – Additional reporting: Reuters