Scotiabank hires New York-based investment banker from Credit Suisse

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Bank of Nova Scotia BNS-T has hired a senior banker from Credit Suisse Group AG CSGKF to join its capital markets division, the latest hire in a series of lenders scooping up talent from the rescued Swiss company.

Benjamin Gohman will join Scotiabank’s New York-based team as the head of non-investment grade finance and capital markets and U.S. loan syndication, according to an internal memo. In his prior role, he oversaw leveraged finance at Credit Suisse’s capital markets division in the city.

In the wake of Credit Suisse’s rescue through an emergency takeover by UBS Group AG, Canadian and U.S. banks have raided the lender for dealmakers. Royal Bank of Canada RY-T and Wells Fargo WFC-N have hired several former Credit Suisse bankers in recent months.

The high-flying capital markets activity during the pandemic that helped prop up banking earnings has slumped over the past year as volatile financial markets and high inflation stunted deals. Goldman Sachs Group Inc.’s GS-N profit plummeted in the recent quarter on a drop in investment banking, but its chief executive officer signalled that the business has hit its lowest point and that he expects deal-making to ramp up in the year ahead.

Mr. Gohman has worked in investment banking for almost two decades and in leveraged finance at Credit Suisse for 17 years. During his time at the bank, he “was instrumental in establishing and building long-term, profitable relationships and leading highly effective teams,” Scotiabank global investment banking co-heads Jim Kelly and Dany Beauchemin said in the memo.

He will step into his new role on Nov. 6.