(Corrects IBA launch date to summer 2020, but not summer 2021).

Brenna Hughes Neghaiwi

ZURICH (Reuters). Credit Suisse (SIX) has named the heads of its investment banking advisory team in Britain and France. This is part of the larger restructuring that was announced last November.

Oliver Tucker, the head of the Investment Banking Advisory unit in Britain, will join the bank from Thursday. A spokesperson for Reuters said that Philippe Guez assumed the same role earlier in January in France.

Switzerland’s 2nd-largest lender has announced restructuring plans in November. It will reduce its investment bank, and even shutter its prime brokerage division. The latter was responsible for the $5.5 Billion in losses that a client suffered in March.

The group announced that it will spend more time in the investment bank on advice services to entrepreneurs as well as the wealth management business’s ultra-wealthy clients.

To boost these services, IBA was created in summer 2020. The business focuses more on small deals and advice than what is typically done by an investment bank.

Tucker and Guez will report directly to the IBA European coheads Stefan Gratzer & Vincenzo De Falco

Tucker will join Credit Suisse from Nomura, where he served as a managing director in the UK investment banking team, the bank said, while Guez joined from Atlas Financial (OTC:) Solutions, where he served as a partner for independent M&A advisory.

(This story corrects the date IBA launched to summer 2020 and not summer 2021).