Finance Magnates has learned that industry veteran Warwick Palmer, whose previous experience includes senior roles at Merrill Lynch and Deutsche Bank, has joined Credit Suisse in the capacity of Managing Director, Global Head of FX Spot and Forwards Trading.
Back in March, Credit Suisse announced the restructuring of its Global Markets division. As part of that process, foreign exchange has been moved out of the Investment bank and into the Sales & Trading Services (STS) International business which is part of the Swiss Universal Bank (SUB) and International Wealth Management (IWM) divisions.
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Banks are slowly starting to restock their senior foreign exchange staff after a global investigation into the currencies market saw some firms fire or suspend a slew of employees. Credit Suisse is one of several major banks assisting regulators around the world in their FX investigation.
Arriving at the Zurich-based investment bank after a more than two-year tenure as Managing Director and Global Head of Foreign Exchange at UniCredit, Mr. Warwick’s career encompasses other senior roles including head of EM markets rates and foreign exchange trading for Europe, the Middle East and Africa (EMEA) at Bank of America Merrill Lynch (BAML).
Back in March 2004, Mr. Warwick was originally appointed Managing Director and Head of STIR Trading at Merrill Lynch. Earlier in his career, he served as European Head of STIR Trading at Lehman Brothers.
However, he was lucky enough to leave the U.S. banking giant four years before its dramatic bankruptcy, which caused shockwaves across the global financial markets. With currency market probe still ongoing, candidates who have been away from the centre of the crisis are more appealing, as banks make sure they are not getting any bad surprises on new hires that come on board.