Credit Suisse Industrials Head Doug Pierson Joins Moelis

Credit Suisse Group AG industrials banker Doug Pierson has left the firm amid its pending acquisition by UBS Group AG, according to people with knowledge of the matter.

(Bloomberg) — Credit Suisse Group AG industrials banker Doug Pierson has left the firm amid its pending acquisition by UBS Group AG, according to people with knowledge of the matter.

Pierson, most recently head of the industrials group for the Americas at Credit Suisse, will join Moelis & Co., the people said, asking not to be identified discussing private information. He has advised on deals in the metals and mining sector.

A representative for Credit Suisse declined to comment while a representative for Moelis didn’t immediately respond to requests for comment.

Before the forced merger with UBS, Credit Suisse’s investment banking business was going to be spun out into and rebranded as First Boston. The deal has scuttled those plans while UBS considers deep layoffs.

Read more: UBS Joins a Rising Tide of Global Layoffs Beyond Big Tech

Pierson joined the Swiss bank in 2005 as an associate after practicing law at Cravath Swaine & Moore, his LinkedIn profile shows. Pierson’s departure follows exits by at least 10 Credit Suisse bankers for Deutsche Bank AG.

More stories like this are available on bloomberg.com