Exclusive: Credit Suisse Trims its Macro Hedge Fund Sales Unit

Just one week after announcing the scaling back of its UK operations, Credit Suisse has undergone a series of changes to its London-based Macro Hedge Fund Unit, which saw the departure of several members of its team.

Per the latest shakeup, the majority of Credit Suisse’s Macro Hedge Fund Sales unit has been let go, which includes its Head of Macro Hedge Fund Sales, Philippe Katz, as well as Macro Hedge Fund Sales specialists Phil Valori, Jimmy Yip, and Johann Benharroch - the cuts were first announced late last month by Credit Suisse's Chief Executive Officer (CEO) Tidjane Thiam. Despite the cuts however, Credit Suisse will retain its overall sales coverage for Macro products.

Mr. Katz’s team had been tasked with catering to a specific sub-set of Macro funds, which traded across multiple asset classes. Credit Suisse will still retain its Rates and FX hedge fund teams in Macro sales despite the changes.

Credit Suisse's Macro group focuses on a multitude of asset classes, including rates, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, precious metals, and investor products. The unit works extensively through Credit Suisse's proprietary platforms, i.e. PrimeTrade and Merlin, whilst collaborating with a number of multi-dealer platforms.

Earlier this month, Credit Suisse reported its initial round of job cuts in London, namely across the group’s fixed income unit. Last week, the group’s fixed income rates and foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (FX) business lost around 100 jobs, which is part of a broader strategy that will ultimately see 2,000 jobs eliminated in London alone.

Credit Suisse also previously announced the elimination of nearly 1,800 back office jobs, which could be moved to other locations, such as Eastern Europe. The scaling back of operations at Credit Suisse follows after other leading banks such as Deutsche Bank and Standard Chartered announced similar cost-cutting strategies, culminating in the loss of thousands of jobs by 2020.