Remember when Credit Suisse gutted its London macro trading business? It still has a macro team in New York City, but headhunters say people are leaving it voluntarily.
We understand there have been two senior exits from the Swiss bank's U.S. rates business in the past week. They are: Kunal Maini, head of linear rates trading and Sean Sullivan a director on the rates team.
Maini is understood to be joining Morgan Stanley, where he'll run the treasury business. Sullivan is understood to be joining Citadel Securities.
Credit Suisse didn't immediately confirm either man's departure but neither was available when we called.
The exits come after Deutsche Bank said Credit Suisse's U.S. business is both unprofitable and far too capital intensive. Rates trading is a notoriously capital intensive business.
Credit Suisse's bonuses were thought to have been generally acceptable for 2016. However, the bank cut average pay per head in its markets business by 9% compared to 2015 and headhunters say there was disappointment with bonuses in NYC. "There are a lot of Credit Suisse people who aren't happy," says one. "The movement there is only just starting."