ZURICH, Feb 28 (Reuters) - Credit Suisse’s regional chief executive for Russia, Steven Hellman, left the bank this month, a spokesman said on Sunday, confirming a report in Swiss newspaper NZZ am Sonntag. The bank’s Group Chief Executive Tidjane Thiam last year embarked on Credit Suisse’s biggest overhaul in almost a decade, choosing to focus more on private banking and wealth management in emerging markets while shrinking its investment bank. (Reporting by Joshua Franklin; Editing by David Goodman)
Credit Suisse 's spokesman 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 parent bank , according to a spokesman for the bank . Furthermore , there are reports that under equity '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 stake , with a significant amount in the macro business in London , say shareholders . Also , as part of its restructuring , the bank has begun selling $ 1.9bn of distressed - debt debt , 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 .