The trading division of Credit Suisse has lost another top manager. The departure comes after the Global Markets division posted massive trading write-downs in the fourth quarter of 2016.
Global Markets, the trading unit of Credit Suisse (CS), is stuck in troubled waters.Stephen Dainton (pictured) is leaving the company, according to an internal memo seen been «Reuters».
Dainton was responsible for equity trading in the U.K. and Europe, the Middle East and Africa (EMEA). He also was co-head of Global Markets in that region.
The departure came after disappointing results for equity trading last year, according to the report. And Global Markets in general has had a tough time recently, being responsible for trading write-downs of about $1 billion in the last quarter of the past year.
The Team Is Taking Over
Credit Suisse has eliminated about 1,000 jobs in the division to reduce costs.
Dainton since 2005 managed equity trading in the EMEA region. Three of his former charges, Nas Al-Khudairi, Steve East and Jeff Jennings are assuming responsibility for trading in EMEA. Eraj Shirvani was put in temporary charge as co-head of Global Markets in the U.K., retaining his position as head of the solutions business of the division.
