Credit Suisse Group AG has hired a new head of US par loan trading from Deutsche Bank, hoping to reinvigorate its US leveraged finance trading business, according to a Reuters report.
Credit Suisse has hired Michael Eilert who co-led US loan trading at Deutsche Bank AG with William Dobson until February 2016, when Dobson left the company and Eilert became sole head of the group. Previously he ran the loan trading desk at Ore Hill Partners before joining the German lender back in 2009.
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Earlier in his career, Mike worked for UBS where he was an executive director on the par loan trading team, and also served in similar roles at Morgan Stanley and Goldman Sachs.
Eilert succeeds the outgoing manager Brad Capadona, who was named to the position last year after the departure of Barry Zamore who left the Swiss bank when it embarked on a round of job cuts. Zamore had been with Credit Suisse since 1993 and had started the loan trading desk in 1996.
The Zurich-based lender revealed plans last year to speed up and increase cuts at the investment bank after it announced almost $1 billion of losses on soured credit positions.