ESG Today has learned that Credit Suisse will be creating a new Energy & Infrastructure Group, through the combination of the bank’s Global Infrastructure, Utilities and Renewables Group and the Oil & Gas Group.

In a memo to staff and stakeholders, Credit Suisse stated that the combined group will be optimally positioned to work seamlessly with clients across the entire spectrum of energy, utilities, renewables and infrastructure. The new structure is also intended to enable the bank to better capitalize on opportunities in areas such as the ongoing energy transition. ESG Today has confirmed the contents of the memo with a spokesperson at the firm.

The new group will be jointly headed by Managing Directors Tom Greenberg and Jonathon Kaufman, both reporting to Malcolm Price as Coverage and Advisory Head.

Mr. Greenberg has been with Credit Suisse for 22 years, and has served the bank in a variety of roles, most recently as co-head of the Global Oil & Gas business. He has also acted as head of the firm’s Investment Banking and Capital Markets business in Canada.

Mr. Kaufman has been at Credit Suisse for 6 years, most recently serving as Head of Global Infrastructure, Utilities and Renewables. From 2017 to 2019, he held the position of Co-head of Power & Renewables, Americas at the bank. He joined Credit Suisse in 2014 from Deutsche Bank, where he was a Managing Director, covering the utility and power generation sectors. Kaufman has led the firm’s new Infrastructure coverage effort which through the first half of 2020 ranks #1 SoW in Americas and #2 globally.

According to the memo, with the establishment of the new Global Energy & Infrastructure Group, Brian McCabe will be appointed Global Head of Energy, and Craig Edgar will continue as Vice Chairman focused on large cap utilities and infrastructure. Both will report to Greenberg and Kaufman. Additionally, Tim Perry will become Co-Chairman of Global Energy, reporting into Malcolm Price. Osmar Abib will continue in his role, now as Co-Chairman of Global Energy.

Today’s announcement follows closely on the heels of other key initiatives announced earlier in the day by the bank, including significant structural changes in its investment banking and wealth management businesses. This morning’s announcement included the establishment of a new Sustainability, Research & Investment Solutions (SRI) function at the bank, and a new Board mandate, naming Iris Bohnet as Board of Directors Sustainability Leader.