Just one week after announcing the scaling back of its UK operations, Credit Suisse has undergone a series of changes to its London-based Macro Hedge Fund Unit, which saw the departure of several members of its team.
Per the latest shakeup, the majority of Credit Suisse’s Macro Hedge Fund Sales unit has been let go, which includes its Head of Macro Hedge Fund Sales, Philippe Katz, as well as Macro Hedge Fund Sales specialists Phil Valori, Jimmy Yip, and Johann Benharroch – the cuts were first announced late last month by Credit Suisse’s Chief Executive Officer (CEO) Tidjane Thiam. Despite the cuts however, Credit Suisse will retain its overall sales coverage for Macro products.
Mr. Katz’s team had been tasked with catering to a specific sub-set of Macro funds, which traded across multiple asset classes. Credit Suisse will still retain its Rates and FX hedge fund teams in Macro sales despite the changes.
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Credit Suisse’s Macro group focuses on a multitude of asset classes, including rates, forex, precious metals, and investor products. The unit works extensively through Credit Suisse’s proprietary platforms, i.e. PrimeTrade and Merlin, whilst collaborating with a number of multi-dealer platforms.
Earlier this month, Credit Suisse reported its initial round of job cuts in London, namely across the group’s fixed income unit. Last week, the group’s fixed income rates and foreign exchange (FX) business lost around 100 jobs, which is part of a broader strategy that will ultimately see 2,000 jobs eliminated in London alone.
Credit Suisse also previously announced the elimination of nearly 1,800 back office jobs, which could be moved to other locations, such as Eastern Europe. The scaling back of operations at Credit Suisse follows after other leading banks such as Deutsche Bank and Standard Chartered announced similar cost-cutting strategies, culminating in the loss of thousands of jobs by 2020.