People are leaving Credit Suisse in London. We don’t why. We don’t know whether they have new jobs to go to. We don’t know whether they were disappointed with Credit Suisse’s eternally complex bonuses (which have finally been paid), whether they’ve gone off to join somewhere like Bank of America, or whether they’re the latest lot to fall foul of Credit Suisse’s cost cutting programme and rates retrenchment.
All we know is that they’ve left according to the Financial Conduct Authority Register and are ‘out of office’ with no definite return date according to the bank itself. Credit Suisse declined to comment. Quite a few of the exits seem to have involved Credit Suisse’s prime broking business.
Here’s who’s gone from the CS London office since the start of March.
1. Joe Woodhouse, the head of European investment grade trading
Woodhouse had been at Credit Suisse since 2003. He became head of European investment credit trading in December 2012 and he seems to have left the bank in March 2014. Joe’s exit is weird because credit trading is a hot area according to Credit Suisse’s most recent strategic bubble chart.
2. Jason Bellissimo, a vice president in hedge fund relationship management
Bellissimo’s career at Credit Suisse began in October 2008, when he joined as an analyst from Lehman Brothers. He’s one of several people to have seemingly left CS’s hedge fund-focused business.
3. Rhaya Ghandour, a senior associate in the hedge fund capital raising team
Ghandour joined Credit Suisse in 2010 and left a few weeks ago according to the FCA register. Hedge fund capital raising is a ‘thing’ this year. It’s not clear whether Credit Suisse is trimming its European prime broking business or whether Ghandour has left for a new role.
4. Sophie Landry, managing director of fixed income solutions for Austria and Germany
Landry had been at Credit Suisse since 2010, when joined the bank from a similar role at Nomura. The FCA Register suggests she left the Swiss bank on March 13th. Unfazed, Landry has been raising money for charity.
5. Paul Nevin, managing director in institutional structured sales in London
Nevin joined Credit Suisse from Towers Watson (where he was a senior investment consultant) in December 2012. Little more than one year later, the FCA Register suggests that he seems to have left again.
6. Andra Ofosu, vice president, hedge fund capital services
Ofosu is the third departure from CS’s prime broking business. Like Bellissimo, she joined from Lehman in 2008. According to the FCA Register, she left in March. Credit Suisse says she’s out of office indefinitely.
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A brief history of Credit Suisse’s investment bank in bubble charts
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