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Credit Suisse has appointed Mike Paliotta as global head of prime services, replacing departing Paul Germain, according to two memos.

Bloomberg News reports that Paliotta, who was co-head of equities for the Americas, will report to Tim O’Hara, co-head of the investment banking division, according to an internal memo obtained by Bloomberg.

Germain, who was appointed global head of prime services in 2013, is leaving after more than five years to pursue an 'entrepreneurial opportunity'.

In the meantime, Bloomberg also reports that one of Macquarie’s most senior bankers in Singapore is leaving the company, following the firm’s recent decision to cut its investment banking operations in Asia, people familiar with the matter said.

Yung Chee Leong’s position as head of Singapore investment banking won’t be replaced, and his responsibilities will be handled by Anupam Garg, who was appointed last month to head Macquarie’s corporate finance coverage for the Association of Southeast Asian Nations.

Credit Suisse Names Mike Paliotta Head of Global Prime Services

Macquarie Singapore Banking Head Said to Quit After Asia Cuts

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