People News: C Suisse, Bank of America

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Dougal Brech, the European co-head of prime services at Credit Suisse, is leaving, the bank said, as it scales back the unit that caters to hedge funds.

Bloomberg News reports that CEO Tidjane Thiam reduced the bank’s prime services operations, which include settling trades and lending to hedge funds, since taking the helm last year, as he seeks to bolster profitability and meet tougher capital rules. The CEO has cut assets at the unit and is moving staff to Dublin from London as he reduces costs.

In the meantime, Reuters reports that Credit Suisse said Friday it has hired Paula Dominick from Bank of America to the position of chief compliance officer for the Americas.

Dominick spent more than 10 years in various senior positions at Bank of America, including chief compliance officer and interim chief risk officer. Most recently, she was managing director and strategy executive working on a cost cutting project at the bank called 'Simplify and Improve', the bank said.

Credit Suisse's Co-Head of Europe Prime Services to Depart

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