Credit Suisse's rebuild of its equities trading business is continuing apace. We understand that the Swiss bank has just recruited Douglas Crofton, the former head of cash equities trading for the Americas at Bank of America Merrill Lynch.
Crofton spent over 18 years at BAML according to his FINRA registration. His arrival at Credit Suisse marks another big hire for the Swiss bank's cash equities business, which insiders say had been neglected for years.
Mike Stewart, the former head of equities at UBS, is joining Credit Suisse as global head of equities based in New York. In the past couple of months Credit Suisse has also hired Stuart Macguire from Deutsche Bank to run cash equities sales and trading in EMEA and Mike Di Iorio from Barclays as head of equities overall in EMEA. Stewart is arriving this month or next, Di Iorio is arriving in August. Macquire and Crofton's ETA's are unclear.
Credit Suisse insiders say the bank wants to be in the top five globally in equities. In the U.S. it’s ranked around sixth, but in Europe it’s fallen to eighth or even ninth. Crofton, a Harvard graduate and former lacrosse star, represents the first of several expected transformational hires for the U.S. equities business. Watch this space.
Credit Suisse confirmed Crofton's arrival.
Photo credit: Credit Suisse by eflon is licensed under CC BY 2.0.