Credit Suisse has initiated a rare recruitment programme to help place staff made redundant from its commercial real estate and leveraged finance divisions with clients, consultants and other service providers.

The initiative, which is being driven by Steve Kantor, co-head of global securities at Credit Suisse in New York, dates back to October, but last week the Swiss bank sent a formal memo to clients and other contacts who may be looking for talent in the commercial mortgage backed securities area.