Meet Neelkanth Mishra, who just left Credit Suisse to lead Axis Bank research team

Neelkanth Mishra is a familiar face in global banking. A veteran who spent over two decades at Credit Suisse, Mishra is considered one of the foremost experts on the global economy.

According to a Bloomberg report, the Indian Institute of Technology graduate recently resigned as co-head of Asia Pacific strategy and head of securities research at Credit Suisse Group AG and is set to lead Axis Bank’s research department.

Why did Mishra quit Credit Suisse? Mishra declined to comment. However, there is speculation that Mishra’s exit from the second-largest lender in Switzerland is part of a large-scale talent exodus from the bank on account of organisational problems.

For Axis, this is part of chief executive officer Amitabh Chaudhry’s plans to bolster businesses including the wealth management and investment banking business of the lender, according to Bloomberg. Experts said Mishra’s entry could benefit Axis in the long run.

Axis hiring

“Mishra’s strength of the organisation that he's worked for 20-plus years is really positive. And it will add to the capabilities of Axis companies, whether he joins the bank, whether he joins the mutual fund, or Axis Securities. So, it will add actually strength to the existing team,” a former banker said on condition of anonymity.

Zurich-based Credit Suisse lost many senior employees as a result of recent scandals, leadership changes, and legal issues. Axis Mutual Fund hired Ashish Gupta as its chief investment officer earlier this month, according to an exchange filing. Gupta was previously Credit Suisse's head of India equity research. Gupta left Credit Suisse in November, after about 14 years.

“Chaudhry, in the last three and half years, has been hiring some of the best talent across the board,” a former banker said, adding that now Axis is one of the top banks by credit quality, credit growth or any other business metric.

UBS Group AG, Switzerland's largest banking group, agreed to acquire the crisis-hit Credit Suisse Group AG in a historic, government-brokered deal. UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume up to $5.4 billion in losses, Reuters reported.

Also Read: Central banks try to calm markets after UBS agrees to buy Credit Suisse for $3.23 bn

Mishra is part of the Economic Advisory Council to the Prime Minister of India and has been an advisor to several committees, including the 15th Finance Commission and the India Semiconductor Mission, according to Credit Suisse’s website.

Currently based in Mumbai with previous positions in Singapore and Taipei, Mishra also advises businesses and has been part of the Economic Affairs Council of the Confederation of Indian Industry for the past few years.

Mishra is a gold medallist from the Indian Institute of Technology, Kanpur, graduating in computer science and engineering. He was presented with a Distinguished Alumnus Award, the highest award given by IIT to its alumni in recognition of their achievements.

“Mishra will not face any major challenge – whatever he was doing in an MNC company he will do at an Indian company. He is a capable person, and he will be able to manage it very well,” said AK Prabhakar, head of research at IDBI Capital.