Credit Suisse Bank Analyst Susan Roth Katzke Departing Firm
18 März 2009 - 5:03PM
Dow Jones News
Susan Roth Katzke, brokerage analyst at Credit Suisse (CS), is
leaving the firm this month. Her future plans are not yet
known.
Katzke worked at Credit Suisse for over eight years covering
companies including Goldman Sachs (GS) and Morgan Stanley (MS).
Senior online brokerage analyst Howard Chen and Moshe Orenbuch, who
covers specialty finance, are taking over coverage of Katzke's
companies.
Additionally, Todd Hagerman, commercial bank analyst at Credit
Suisse, left last month and the firm replaced him internally.
Hagerman worked at Credit Suisse for about two years.
A company spokesman confirmed the reorganization.
Many Wall Street equity analysts have been shuffled around due
to mergers, downsizing of brokerage equity research departments to
cut costs, or analysts deciding to branch out on their own. In
November, Goldman Sachs laid off about 10 analysts, including bank
analyst William Tanona. Matthew O'Connor, bank analyst at UBS AG
(UBS), quit the firm last week. Other analysts have decided to
break free from the traditional research model and start their own
firms, including William Pecoriello, a longtime consumer-staples
analyst at Morgan Stanley who is in the midst of launching his own
firm.
In the difficult market environment, it seems equity analysts
are finding opportunities at smaller firms and boutiques. Former
Bank of America (BAC) bank analyst Michael Hecht was hired at
investment boutique JMP Securities, a subsidiary of JMP Group Inc.
(JMP), last month. Hecht's position was made redundant soon after
Bank of America's acquisition of Merrill Lynch. Hecht, who worked
at Bank of America for five years, said he will be launching
coverage on brokerages and asset management companies next
month.
-By Jessica Papini, Dow Jones Newswires; 201-938-2437;
jessica.papini@dowjones.com