Swiss bank Credit Suisse has onboarded Chris Fuligni from Credit Agricole to join its foreign exchange sales in New York, per an FXWeek report.
The appointments follow a number of senior hires that Credit Suisse has made to its e-FX division in the US, signifying what the bank calls a commitment to the region and focus on building a client-focused franchise. The bank hired Dr. Günter Grimm, former executive director of FX institutional sales at fellow Swiss bank UBS, in May as a forex strategist.
Phil Tretola and Sam Osterman also joined Credit Suisse as directors in its foreign exchange team. The hires underscore the bank’s efforts to expand its flow business and enhance its currency product coverage. The new recruits report to managing director Mahesh Sinkar, based in New York.
Prior to Credit Suisse, Fuligni worked at Crédit Agricole CIB in FX sales to build out the FX options client business, similar to the advanced FXO business done at RBS. He also launched the FX derivatives trading business at Bracebridge Capital from ground zero.
CEO Spotlight: Alon Rajic on the Future of UK/EU Trade and EconomicsGo to article >>
Credit Suisse sued in the US for FX rigging
With around 25 years’ experience working in the FX industry, Fuligni has also held several senior roles at major financial institutions, including managing director of FX/hybrid derivatives structuring and sales at RBS. During his eight-year tenure with the Royal Bank of Scotland, he was responsible for client pricing of all complex option products.
Mr. Fuligni is assuming his new role as the lender lines up more industry veterans at a challenging time for an FX sector, which is being ravaged by regulatory and structural change. Earlier in May, a group of investors has sued Credit Suisse, along with 15 other global banks, for allegedly rigging prices for their own benefit by sharing confidential orders and trading positions.
A New York judge overseeing the litigation narrowed the charges of rigging rates in the foreign exchange market but refused to dismiss antitrust lawsuits against Credit Suisse Group AG.