Credit Suisse is making some big hires for its flagging equity derivatives business. Following in from the hire of Michael Ebert from Bank of America Merrill Lynch to lead the division in August, it has just raided the bank again for a senior sales role.
Mike Heraty, the head of institutional equity derivatives sales and structuring for North America at BAML in New York, has just been hired in a senior role at Credit Suisse. Heraty, who was also previously head of cross-asset pension, endowment and foundation sales in the Americas at BAML – where he worked for over 11 years – joined Credit Suisse in October.
Heraty follows Michael Ebert from BAML, who was named global head of equity derivatives at Credit Suisse in August, replacing Anthony Pesco, who retired in March. Mike Stewart, Credit Suisse’s global head of equities, said in a memo at the time that Ebert’s appointment showed “equities is not only a critical part of the global markets strategy, but a critical part of the overall Credit Suisse strategy.”
Credit Suisse is due to report its third quarter results tomorrow, but said in Q2 that a 20% decline in equities revenues during the three months to June 2017 was down “lower revenues in equity derivatives, reflecting lower client activity”. Credit Suisse ranked outside the top seven investment banks for equity derivatives revenues in the first half, according to research firm Coalition.
Over the past 12 months, there have been various changes to Credit Suisse’s equity derivatives team. In February, it brought in Benoit Rauly, the former head of complex equity and hybrid trading at UBS.
In December last year, following Mike Stewart’s arrival, Credit Suisse cut some senior names within its equity derivatives business. Walter Rotondo, a long-serving Credit Suisse banker who joined in 2006 and was most recently head of European equity derivatives convertibles trading, left along with Andrea Negri, a managing director, co-head of equity sales and head of equity derivatives sales in Europe.
Contact for news, tips and comments: firstname.lastname@example.org
Image: Getty Images