It’s a bad time to be a senior fixed income salesperson. Especially if you’re in the macro business at Credit Suisse.
As we’ve noted previously, Credit Suisse has fully dismembered its London-rates business. All but one member of the team (David Dean) have been removed. Most are now floating around London describing themselves as ‘explorers’ or ‘contemplating.’
The Credit Suisse latest departure to come to our attention is Hemant Grover, a former director in Credit Suisse’s macro sales team. Grover spent four and a half years at the Swiss bank after joining from HSBC in 2011. He left the Swiss bank last month.
Comparatively few of Credit Suisse’s ejected senior fixed income staff have found new roles. Mark Tiernan (former head of UK rates sales) is understood to be joining Deutsche Bank as head of UK rates real money sales, but he’s the exception. With senior fixed income salespeople also coming out of Goldman Sachs, the market is awash in highly experienced individuals looking for a job that pays in excess of £750k.
Predictably, it’s easier to find a new role at the junior end of the market. Gemma Hayes, a rates desk assistant at Credit Suisse, moved smoothly to Blackrock in April.