January 22, 2020 / 9:05 PM / a month ago

MOVES-Credit Suisse appoints Gudofsky as global head of tech banking

Jan 22 (Reuters) - Credit Suisse Group AG said on Wednesday it has appointed Brian Gudofsky, a veteran at the Swiss bank, global head of technology, in its latest effort to reorganize the investment banking division and grow its global practice in tech.

The move comes after the bank shuffled its structure and leadership in Investment Banking & Capital Markets division last November and promoted David Wah, the former global head of technology, as its global advisory head responsible for technology, media and telecoms, real estate, gaming and lodging.

The reorganization aims to accelerate decision-making and streamline processes.

Gudofsky, the former Americas co-head of technology, has spent the past two decades working at Credit Suisse on tech deals with a focus on fintech and software.

Last year, he and his team advised on the Fidelity National Information Services’ acquisition of Worldpay for $34 billion in cash and stock, Ultimate Software’s $11 billion buyout by an investor group led by private equity firm Hellman & Friedman, as well as BlackRock’s purchase of French software provider eFront for $1.3 billion in cash.

“We had a phenomenal 2019. Our tech M&A revenue is the highest in the past 10 years, and we had an extremely active year for tech IPOs, too,” Gudofsky said in an interview.

Tech M&A has become a bright spot amid an overall slowdown in deal-making activities for Credit Suisse. In the latest earnings call, the bank CEO Tidjane Thiam called the quarterly performance “unsatisfactory”, citing weakness in M&A and fewer completed IPOs.

Nevertheless, he expressed a desire to invest in the tech and health care sectors, which are fastest-growing industries with bigger fee pools.

San Francisco-based Kirk Kaludis becomes the sole head of technology for the Americas, having previously joined in 2017 from Barclays as co-head of the sector, along with Gudofsky.

Last year, Credit Suisse ranked 6th in global technology deals, according to data compiled by Dealogic. (Reporting by Krystal Hu; Editing by Hugh Lawson)

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