If it's not Barclays, it's Macquarie. Credit Suisse equities traders have a distinct tendency to leave and head for one of the two banks.
The latest departure is understood to be Jason Maniloff, the former head of small cap equity trading at the Swiss bank in London. Maniloff is thought to be going to join Daniel Kaye at Macquarie. He was previously a director at Credit Suisse.
Credit Suisse confirmed Maniloff's exit, although Maquarie declined to comment and Maniloff didn't respond to an enquiry regarding his destination.
Ex-Credit Suisse trader Kaye has been building out Macquarie's London equities business since late 2017. Maniloff wouldn't be his first hire from Credit Suisse. Other ex-CS recruits at Macquarie include Jan Asboth (who left after six months for Barclays) and Kenneth Kane, Credit Suisse's former managing director of program trading. Kaye has also hired from Deutsche Bank and BTIG.
Credit Suisse's equities sales and trading business didn't have a great start to 2018: revenues declined 1% year-on-year in Swiss franc terms, while revenues at banks with greater exposure to the U.S. market (eg. Barclays, Bank of America and Citi) were up around 30% over the same period.
Macquarie's equities sales and trading business is tiny. The Australian bank doesn't release quarterly results, but for the year to March 2018 its equities revenues were just AU$359m (US$263m). By comparison, Credit Suisse's equities business generated CHF920m ($925m) in the year ending December 2017. Macquarie is said to be building out its equities sales and trading business in London and paying handsomely to attract new staff.
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