Credit Suisse, riding high from roles advising insurer Prudential on its bid for AIG's Asian assets and the UK government over its banking sector bailout, has hired the co-head of JP Morgan's financial institutions group in Europe and handed promotions to others within its equivalent division.

Carl-Georg Bauer-Schlichtegroll, JP Morgan's co-head of financial institutions coverage for Europe, the Middle East and Africa will join Credit Suisse in an equivalent position on August 15 after a period of gardening leave, according to an internal memo seen by Financial News.