Truist Financial Corp. hired Hayes Smith, a veteran of Credit Suisse Group AG, to help oversee its investment-banking arm’s coverage of private equity firms, according to people with knowledge of the matter.
(Bloomberg) — Truist Financial Corp. hired Hayes Smith, a veteran of Credit Suisse Group AG, to help oversee its investment-banking arm’s coverage of private equity firms, according to people with knowledge of the matter.
Smith is set to join Truist after a period of gardening leave, said one of the people, all of whom asked not to be identified because the hiring hasn’t been announced. He has worked with firms including Carlyle Group Inc., Warburg Pincus, Veritas Capital, Cerberus Capital Management and Kelso & Co.
Truist also hired Chris Cormier, a UBS Group AG managing director who led US technology, media and telecommunications equity capital markets at the Swiss bank, to head its TMT ECM efforts, according to people with knowledge of the matter. He, too, will join after a period of gardening leave.
Representatives for Truist, Credit Suisse, UBS all declined to comment. Smith and Cormier didn’t immediately respond to requests for comment.
Smith joined Credit Suisse in 2001 and most recently was a managing director based in New York, Financial Industry Regulatory Authority records show. He was co-head of East Coast financial sponsors, according to his LinkedIn profile, which shows he joined a Credit Suisse predecessor, DLJ, in 2000. His exit from the Swiss lender comes as the firm doles out retention payments to senior dealmakers and amid a comprehensive strategic review.
Truist’s head of financial sponsors, Douglas Speegle, retired at the end of August, a person with knowledge of the matter said. Speegle didn’t immediately respond to a request for comment.
Cormier joined UBS in 2018 after roles at Merrill Lynch, Deutsche Bank AG, Bear Stearns and Credit Suisse, according to Finra records.
Truist, based in Charlotte, North Carolina, has been making senior hires to bolster its investment bank, led by Royal Bank of Canada alum Michael Carter.
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