Credit Suisse is setting up a new division to combine its rates, foreign-exchange and commodities operations as it cuts more than 100 fixed-income jobs in London and New York.
Bloomberg News reports that the bank’s Global Head of Rates Jon Kinol in New York and Head of Global Foreign Exchange David Tait in London have been appointed to jointly run the newly-formed Global Macro Products group, Gael de Boissard, co-head of the investment bank, wrote in a message sent to employees.
'Given the changes to the macro environment and the evolution of the financial and regulatory framework, we are combining our Rates, FX and Commodities franchises into a newly formed Global Macro Products group', de Boissard wrote in the memo that was obtained by Bloomberg News. It 'allows us to create scale in our delivery of macro products, and therefore achieve capital and cost efficiency', he said.
Two people with knowledge of the matter said this month that Credit Suisse was cutting about 50 jobs in New York and 65 positions in London within its fixed-income department. Bradbery confirmed nearly all the affected staff have already been informed about these redundancies.
Hit the link below to access the complete Bloomberg article:
image: © Torpe