Credit Suisse’s global operations have received a facelift this week, after merging its global credit and structured finance groups, part of a broader strategy to restructure its business and return the lender to profitability.
The consolidation comes just a few days after Credit Suisse underwent similar measures across its Global Markets division, including the FX Cash and FX Options businesses into its STS operations on the back end of a massive cost-cutting initiative the bank vowed to take after lackluster year end financials in 2015. Moreover, the Swiss lender has announced sizable cost cutting efforts of approximately $820 million, including a 30% cut to the Global Markets division of Credit Suisse.
Credit Suisse had previously embarked on a plan to restructure a number of its core businesses in order to return to profitability after losing nearly $3 billion last year, instigating a series of cuts and measures. The plights faced by Credit Suisse were shared by other lenders, including Deutsche Bank and Standard Chartered, among many others.
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Per the restructuring and consequent merging of its global credit and structured finance groups, Credit Suisse’s Structured finance head Brian Chin and Credit Products Chief David Miller will now serve as the co-Heads of the lender’s Global Markets Credit division.
In their new respective roles as the co-Heads of the division, both Mr. Chin and Mr. Miller will be tasked with the oversight of securities trading, debt origination and leveraged finance – previously singled out for their losses due to the propensity of illiquid positions. The fate of these units was equally shared by the group’s equities, fixed income and derivatives divisions, which previously were shuffled into one cohesive group to help promote overall profits to the bank.
Both Mr. Chin and Mr. Miller will be reporting to Credit Suisse’s Group head Timothy O’Hara, with their moves tendered with immediate effect.