Credit Suisse cuts 17 in rates and fixed income

The Swiss bank has cut seven from its Asia rates team and between five and 10 in fixed income.

  • 31 Oct 2012
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Credit Suisse has axed a swathe of jobs from its FX and fixed income teams in Singapore.

Marc Dray, director and head of FX hedge fund sales Asia Pacific has left the bank after four and a half years at the firm. He was based in Singapore. It was recently reported by that he might take on the role of Asia head of FX sales left vacant by the departure of Ivan Chan earlier in the month. Prior to Credit Suisse, Dray worked at Barclays and Credit Lyonnais.

Other departures include Raymond To, a director in FX bank sales, Tania Goh, Nande Khim, Sari Chandra and Mary Coe, FX sales associates, and Nirav Kanorda, who was in Asia rates sales. A majority of the departures were based in Singapore and took place on October 29.

Eng Chien Chan, who replaced Ivan Chan as head of FX sales in Asia remains in his Singapore-based role at the bank, and according to headhunters, the entire Credit Suisse FX team will be moved to Singapore following the cutback.

The news comes as fellow Swiss bank UBS makes cuts to its Asian based fixed income team as part of a worldwide restructuring.

In Q3 last year, the bank announced that it would target a total of CHF2 billion (US$2.14 billion) in savings by the end of 2013. In the second quarter of this year it upped the target to a total of CHF3 billion, an aim which will involve a total headcount reduction of around 7% by the end of 2013.

The total headcount at Credit Suisse was 50,700 at the time of the initial announcement and 48,200 at the end of September this year.

Credit Suisse declined to comment on the departures.

  • 31 Oct 2012

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5 HSBC 1,822.32 18 5.41%

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4 DBS 191.19 2 9.03%