Credit Suisse, the fourth- biggest adviser on takeovers last year, has named David DeNunzio to be chairman of its mergers and acquisitions group, designating him one of the bank’s top dealmakers.
Bloomberg reports that DeNunzio, 55, succeeds Steven Koch, who is departing to be deputy mayor of Chicago. DeNunzio will help handle relationships with important clients and work with Scott Lindsay, the global head of the business.
The news organisation also reports that a former risk officer for Morgan Stanley Smith Barney has sued the firm over claims he was unfairly fired for reporting securities 'flipping' by one of the firm’s wealth managers.
Clifford Jagodzinski alleged in a complaint filed Wednesday in federal court in New York that he was terminated in April after reporting the wealth manager’s questionable trading, which he claimed was 'obviously designed to bilk investors' by driving up commissions.
Jagodzinski said his superiors at first praised him for reporting the trading, as well as pointing out other activities he thought were improper, then told him to halt his investigations. He was fired days after he said the trading should be disclosed to the Financial Industry Regulatory Authority, according to the complaint.
Finally, Bloomberg reports that Bradley Birkenfeld, the former UBS banker who blew the whistle on how the bank helped thousands of Americans evade taxes, was released Wednesday from the U.S. prison in Minersville, Pennsylvania, according to his lawyer.
Birkenfeld, 47, began serving a 40-month sentence in January 2010 at Schuylkill Federal Correctional Institution, and received good-time credit that reduced his term, said his attorney, Stephen M. Kohn. His brother, Douglas, drove him to a halfway house in New Hampshire, said Kohn.
Birkenfeld told U.S. authorities how UBS bankers came to the U.S. to woo rich Americans, managed $20bn of their assets, and helped them cheat the Internal Revenue Service. He pleaded guilty to conspiracy in 2008, a year after reporting the bank’s conduct to the Justice Department, U.S. Senate, IRS and Securities and Exchange Commission.
image: © Steven Depolo