It appears that Credit Suisse has moved with Swiss speed to at least partially clean up its sticky summer intern mess.
As we reported exclusively a few weeks back, an MD in the bank's M&A group allegedly got quite lit at a company outing and proceeded to lick, massage, grab and lock away some Credit Suisse summer banking interns. It was also apparently not the first time that said senior I-Banker had gotten inebriated and crossed some behavioral lines. We can now confirm that the banker in question is named Paul Dexter and that he is no longer with Credit Suisse.
A spokeswoman for the bank told us that Dexter is longer an employee of the bank and offered this statement:
“We have robust escalation policies and channels in place through which complaints about conduct can be reported by employees, and we encourage all employees to do so. Where complaints arise, they are thoroughly investigated and, where called for, consequences are appropriately handled.”
Dexter's apparent dismissal and the language in the above statement are clearly aimed to appease the Millennial workforce within Credit Suisse, a force that has been emboldened by the #MeToo movement and was growing increasingly restless that Dexter wasn't fired immediately after he started licking people. Whether these moves will ultimately appease them remains very murky, and we have already heard from more than one source inside 11 Madison Avenue that some people want the head of the female senior MD who was perceived to have been protecting Dexter. Credit Suisse confirmed to us that the MD remains employed at the bank.
What we conclusively have here is Credit Suisse's first scalp offered up to the #MeToo movement, and the bank will hope it's enough for now. Every other bank on Wall Street would be wise to watch and see if it works.