Shakeup at Credit Suisse Global Securities Unit

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Four Credit Suisse executives were named co-heads of global securities, a major segment of the investment bank.

The elevation of Gael de Boissard, Tony Ehinger, Steve Kantor and Jonathan McHardy follows the departure of Michael Ryan, an ex-Goldman Sachs partner who joined Credit Suisse a year ago in a newly created role overseeing both equity and fixed-income businesses.

The changes were reported by Financial News, citing an internal memo from Credit Suisse investment banking chief Paul Calello. The reason for Ryan's departure wasn't disclosed.

Ehinger will continue to oversee equities, global securities sales and research.

De Boissard will continue to oversee global rates and foreign exchange and the derivatives committee within global securities, according to the memo. He also shares responsibility with McHardy over residential mortgage-backed securities and asset-backed securities businesses. De Boissard was named co-head of global securities for Europe, the Middle East and Africa alongside Simon Yates two weeks ago.

Kantor will continue to head commercial mortgage-backed securities and credit products. He also oversees leveraged finance globally, and is co-head of alternative investments within asset management.

McHardy oversees fixed-income emerging markets, commodities, life finance, special opportunities and tax.

Global securities was placed under a single leader upon Ryan's arrival in February 2007, part of a move by Chief Executive Brady Dougan to unify product areas within the investment bank in order to pursue expanded business. A number of Wall Street firms including Goldman Sachs had made similar moves in recent years.

A more recent trend has seen investment banks consolidate fixed-income business segments. Rather than grabbing for more of clients' business, the fixed-income consolidations are more about adapting to diminished business in many products affected by the credit crunch. For instance, Credit Suisse's de Boissard told Financial News in March that the bank aimed to "re-size" businesses, such as commercial mortgage backed securities, where the market opportunity has "shrunk." The bank combined its leveraged finance and investment grade businesses into a new unit that month.

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