A challenging week for Credit Suisse's FX salespeople and traders | Paragon Alpha

A challenging week for Credit Suisse's FX salespeople and traders

By Matea Gucec

Insiders claim that another significant round of layoffs is expected today after last week's widespread job losses.

The cuts, which are believed to affect the majority of employees worldwide in the bank's FX voice trading unit, were not addressed by Credit Suisse. Senior bank officials claimed that the majority of the trading personnel had been laid off last week and that these reductions had affected people all around the world, including in London, New York, Singapore, and Madrid.

This week appears to be burning the FX salespeople if last week was the bonfire of the FX traders. The bank has heard from several sources that the sales team would likely be let go today. One FX headhunter claims that Credit Suisse is under a dark cloud.

However, some parts of the Credit Suisse FX business are continuing. We know that the bank still conducts electronic foreign exchange transactions. This is anticipated to be handled by the new markets leadership, which will also include Michael Ebert, a former trader whom Credit Suisse hired from Bank of America in 2017 to oversee equities derivatives. Ebert and Ken Pang share the role of co-head of markets at the moment.

For the Swiss private wealth industry, it is also believed that the bank maintains a presence in Zurich for FX trading. According to an insider, there is essentially no coverage for hedge funds.

The bank stated that it will be aligning and streamlining the FX business on the slide that was included in Credit Suisse's presentation about the restructuring. The trading and financing of emerging markets is being curtailed, and insiders predicted cuts today as well.

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