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