Credit Suisse overhauls equities division

Credit Suisse has restructured the management of its equities division, after revenues fell by 45% earlier this year.

Jim Kreitman, who has been co-head of global equities in London for three years, will leave the bank in December. His colleague Tony Ehinger becomes sole head of equities, while Kreitman will serve as adviser to the investment banking division until he goes. A memo to staff from chief executive Brady Dougan announced that Kreitman had decided to pursue opportunities outside the industry, after 14 years with the bank. Meanwhile, Ehinger continues to be based in New York and reports to Dougan.

Chris Carter is now looking for a new job within the bank, after leaving his role as co-head of European equities, global head of equity derivatives sales, and head of European equity trading. Simon Yates, previously American head of convertible trading and derivatives, will move from New York to London to replace him as co-head of European equities. Yates will work with Carter’s old European co-heads Stephen Dainton and David Mathers, and also takes the job of global head of equity derivatives.

Todd Sandoz, now head of global equities in New York, also becomes head of global convertibles and equity risk. According to Dougan’s memo, Sandoz’s new responsibilities involve ensuring equity risk is co-ordinated and within the department’s limits.

Yates and Sandoz both report to Ehinger, although Carter will also report to Michael Philipp, chief executive for Europe, the Middle East and Africa.

Dougan’s memo says the changes will mean a “clear strategic focus and implementation accountability” for each product. The bank blamed this year's earlier poor performance on weak results in its equity proprietary trading and cash businesses.