Credit Suisse Cut More Jobs as Part of Three-Year Plan

July 14, 2018 James Heinsman Company Spotlight

The New York hedge fund division of Credit Suisse has been re-organizing. In late June-early July, seven positions were trimmed at the company’s key brokerage unit. Included in the cuts were senior bankers Tony Bertoldo and Justin Carey. Others asked to leave were Philippe Hatstadt and Ralane Bonn. Not all are fired; some will be moved to other positions in the company.

Credit Suisse is Switzerland’s second-biggest lender. It is now in the last stages of a restructuring that has been going on for three years. The company has been improving its wealth-management division and limiting capital allocation to only trading-related transactions.

The late June shake-up came on the heels of previous walks which included Indrajit Bardhan, who was the global head of prime brokerage. Along with Bardhan, Michael Wingertzahn and Gardy Berthoumieux were dismissed. Paul Galietto replaced Bardhan.
Credit Suisse has been subject to the same pressure from stricter capital requirements as other investment banks around the world. In addition, the absence of volatility negatively effects revenue. Still, Suisse’s Global Markets section adds 26 percent to the group’s revenue.

The overhaul resulted in thousands of job cuts in New York and London, but other areas of the bank are expected to grow, including leveraged finance, some parts of equities trading, and a special unit named Advanced Execution services, with Anthony Abenante in charge.

Credit Suisse, firing, hiring, Indrajit Bardhan, Paul Galietto,

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