Anthony Pesco wasn't one of the recipients of Credit Suisse's generous retention bonuses. After 18 years with the Swiss bank in NYC, he's officially left the bank
Pesco was Credit Suisse's global head of equity derivatives, convertibles and funding products. He joined the bank in 1999, when it was still known as Credit Suisse First Boston and around the time it acquired DLJ. A Columbia engineering graduate, Pesco previously worked for J.P. Morgan, Santander and AIG. Pesco quit CS in October last year to pursue other interests, but his exit only became official this month after a notice period.
Pesco reported to Eraj Shirvani, Credit Suisse's global head of solutions and fixed income in EMEA. There hasn't been a direct replacement. Credit Suisse's equities business could benefit from strong leadership. Equities sales and trading at the bank lost market share last year according to KBW. And in last week's annual report, Credit Suisse bank blamed falling equity derivatives revenues for part of the businesses's problems.
Pesco isn't the first equities man to go at Credit Suisse. In January, the bank lost Stephen Dainton, former co-head of its markets business in EMEA. As we reported in February, Credit Suisse has been shaking up its EMEA equities business and hiring in UBS people instead.
Photo credit: Credit Suisse by N0fX is licensed under CC BY 2.0.