(Bloomberg) -- Citigroup Inc. has hired a former Credit Suisse Group AG executive as the EMEA head of its unit that helps hedge funds set up and grow their businesses, according to people familiar with the matter.
Vincent Vandenbroucke will join the Wall Street bank later this year in London as its head of prime brokerage consulting and a senior salesperson for the region, said the people, who asked not to be identified because the information is private. He was EMEA head of capital introduction and prime consulting at Credit Suisse, which he left recently after just over seven years.
Spokespersons for the two banks declined to comment.
Vandenbroucke joins former colleague Ray Raimondi in moving to Citigroup as Credit Suisse continues to bleed senior talent in the aftermath of losses tied to the collapses of Archegos Capital Management and Greensill Capital. Credit Suisse's exposure to the March collapse of Archegos cost it at least $5.5 billion and spurred sweeping changes. The bank replaced several executives, cut its dividend, paused share buybacks and raised capital.
Prime brokers provide services such as lending money and settling trades for hedge funds.
Read more: Credit Suisse's Zurich Offices Raided in Greensill Probe
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