Credit Suisse's CEO for Russia, Steven Hellman, left the bank this month as part of it's new restructuring strategy, as it looks to focus more on private banking and wealth management in emerging markets while shrinking its investment bank, according to a spokesman for the bank. Furthermore, there are reports that Credit Suisse's global head of macro products, David Tait is also leaving due to cut backs in businesses tied to interest rates and currencies trading. Around 80 traders and salespeople in the Swiss markets operation have been informed that their positions are at risk, with a significant amount in the macro business in London, say sources. Also, as part of its restructuring, the bank has begun selling $1.9bn of distressed-debt holdings, that triggered losses at the end of 2015, revealing it has been contacted by asset managers interested in buying its entire distressed-debt book, however, none have been considered viable so far.
Credit Suisse's CEO for Russia, Steven Hellman, left the bank this month as part of it's new restructuring strategy, as it looks to focus more on private banking and wealth management in emerging markets while shrinking its investment bank, according to a spokesman for the bank. Furthermore, there are reports that Credit Suisse's global head of macro products, David Tait is also leaving due to cut backs in businesses tied to interest rates and currencies trading. Around 80 traders and salespeople in the European markets operation have been informed that their positions are at risk, with a significant amount in the macro business in London, say sources. Also, as part of its restructuring, the bank has begun selling $1.9bn of distressed-debt holdings, that triggered losses at the end of 2015, revealing it has been contacted by asset managers interested in buying its entire distressed-debt book, however, none have been considered viable so far.