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Credit Suisse’s rates business has been decimated as promised

Credit Suisse rates business

Credit Suisse's rates business has been hammered

When Tidjane Thiam announced his plan for Credit Suisse last October, he promised to get out of UK macro trading. Seven months later, he’s been true to his word.

Ex-Credit Suisse insiders say all but one of the London-based rates sales team has departed. Stefano Di Angelo, a macro rates sales director, has gone. Rik Tremerie, a rates sales director, has gone. Ben Harvey, a rates sales director, has gone. So have Michele How (another director), Huw Roberts (a senior director) and Mark Tiernan (former head of UK rates sales), plus two juniors. “We were nine and now there’s only one of us left,” says one of the departed.

The last surviving rates salesperson at Credit Suisse is said to be David Dean, a Cambridge-educated economist who’s worked for the bank since 2009. He’s said to be there to close the book.

Credit Suisse declined to comment on the travails of its London rates staff.

The good news, however, is that some have new jobs. Tiernan has already joined Deutsche Bank. We deduce that Deutsche has an appetite for rates hires, given that it also added Bennit Shah from BNP Paribas in January.

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