Credit Suisse’s Global Credit unit has been in a state of flux in 2016, having already been shuffled earlier this year in a consolidation move to help restore the lender to profitability after multiple disappointing earnings releases. Its latest facelift will involve the replacement of Tim O’Hara as the Head of Global Markets by Credit Suisse’s Brian Chin, according to a recent Reuters report.
Back in March, the lender consolidated the global credit unit, 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 had announced sizable cost cutting efforts of approximately $820 million, including a 30% cut to the Global Markets division of Credit Suisse.
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State of Flux
Just last October, Mr. O’Hara had been appointed as the Head of Global Markets as part of a widely touted restructuring plan by Thiam. However, since then the execution of the plan on the markets side been met with disappointing results, sizable losses in Q1, related to winding down certain distressed credit positions.
The man tasked to replace Mr. O’Hara is Brian Chin, Credit Suisse’s former Head of Structured Credit who was also recently appointed as its co-Head of Credit with David Miller earlier this year. He will be taking over the mantle of responsibility from Mr. O’Hara as CEO of Global Markets with immediate effect, which will also include a spot on the group’s executive board.
Mr. O’Hara originally joined Credit Suisse in 2012 as its Global Head of Equities. Prior to his most recent role, Mr. O’Hare also worked as the group’s Head of Investment Banking – Equities.