Now the EMEA head of high yield trading left Credit Suisse
There's been another exit from Credit Suisse's high yield business. And this time it's the head of the high yield trading team.
Sources say that Karen Miles, who ran high yield trading for the Swiss bank left today. She's understood to have resigned, although it's not clear where she's off to, although there are suggestions that it might be Deutsche Bank.
Miles had been at Credit Suisse for 12 and a half years. She was promoted to run high yield trading and sector strategy in January 2022. Miles spent most of her career in research. Some of the bank's traders had privately complained about her elevation, given her comparative lack of trading experience.
Miles is the latest individual to leave the team. Several have left on their own accords and gone to Deutsche Bank, including - most recently - Diego Discepoli, the head of its global credit products business in EMEA.
Following Miles' exit, Credit Suisse is thought to have very few traders remaining in its EMEA high yield business. With that business due to move into First Boston, it may need to hire a few more.
Credit Suisse is understood to be cutting jobs today. Sources said the New York investment grade business also made cuts today.
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