Credit Suisse Shakes up Global Markets Division, EMEA Co-head Parts Ways

Credit Suisse has cut more than 1,000 jobs in global markets division after the trading unit's losses blindsided its CEO.

Swiss banking giant Credit Suisse has announced the departure of its co-head of trading unit in EMEA, Stephen Dainton, following a disappointing equity trading performance in the last year.

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In an internal memo, seen by Reuters and confirmed by a Credit Suisse spokeswoman, Stephen Dainton, the bank’s head of global markets equities business in Britain and EMEA since 2005, has decided to pursue other opportunities in the industry. Stephen also served as co-head of global markets in EMEA since March 2016.

As part of the revamp, Eraj Shirvani will stay in London to become the interim UK head for global markets while remaining head of global markets solutions.

“Stephen’s responsibilities for managing the EMEA GM Equities platform will be assumed by three of his key direct reports, with immediate effect: Nas Al-Khudairi, Steve East and Jeff Jennings,” the Zurich-based bank said in a statement.

Credit Suisse has cut more than 1,000 jobs in global markets division after the trading unit blindsided Chief Executive Officer Tidjane Thiam with losses last year. Since taking over in July 2015, Thiam accelerated cuts to the division’s costs and jobs after the business contributed to more than $1 billion of losses in the first half of 2016.

After arriving at Switzerland’s second-largest bank in late 2015, the head of global markets Timothy O’Hara stepped down in September after only 10 months running the bank’s largest division and was replaced by his deputy Brian Chin.

 

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