Vasan to co-head equity derivatives at CSFB

Credit Suisse First Boston (CSFB) has named Philip Vasan co-head of its equity derivatives and convertibles unit, according to an internal memo.

Vasan will run the unit with Paul Calello, former global head of equity derivatives, who was named chairman and chief executive of the Asia-Pacific region on March 25.

Based in New York, Vasan will focus on the US and European businesses, with Calello responsible for Asia and global equity derivatives strategy.

Vasan, a former head of FX at CSFB, most recently ran the Swiss bank’s cost-reduction programme, ordered by CSFB chief executive John Mack. So far, $1 billion of costs have been stripped out of the firm, said a CSFB spokesperson.

As part of the restructuring, Maurits Schouten, global head of equity options, has taken “a leave of absence” from CSFB. It is unclear what future role he might take at the bank.

Chris Carter will relocate from Hong Kong to New York to assume Schouten's role, while Luc Pajot will head Japanese equity derivatives and cash trading out of Tokyo following a leave of absence and John Miller will head the non-Japan Asia options trading.

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