Crédit Suisse confirms prime departures, and arrival
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Crédit Suisse confirms prime departures, and arrival 22 March 2018New York Reporter: Brian Bollen
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Crédit Suisse has confirmed that Frederick Nadd-Aubert is leaving his position as a New York-based managing director in the bank’s global markets division in a few weeks.
He served as global head of institutional securities lending sales and strategy in prime services.
There have also been a number of other departures, including Jeremy Siegel, global head of prime consulting, Gardy Berthoumieux, managing director, product manager for global securities lending, Michael Wingertzahn, managing director, a member of the collateral and liquidity funding team.
Headcount reductions are in line with the bank’s regular assessment of its footprint and offering to align with its strategy. This is in addition to its pre-announced cost-cutting iterations across the bank, over the past two years or so.
According to Crédit Suisse, it remains committed to both prime services and equities.
In addition to the departures, the company has appointed Paul Galietto, a prime industry veteran, as global head of prime services.
Galietto replaces Indrajit Bardhan, who left the company at the end of February to pursue external opportunities.
As CEO Tidjane Thiam explained in the Q4 2017 earnings call on 14 February 2018: “In prime, we continue to focus on deploying the balance sheet to our core clients.”
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