As Credit Suisse continues to pare costs in its investment bank, one of its most senior European structured credit bankers, has left.
Emmanuel Parrenin worked for the Swiss bank in London for 11 years, most recently as head of structured credit in Europe. He left Credit Suisse in August.
Parrenin's LinkedIn account suggests he's joined KGAL, a firm of consulting engineers on Britain's south coast as MD. However, an engineer at the firm told us he wasn't aware of Parrenin's arrival. It seems more likely that Parrenin has joined German real estate and infrastructure asset management firm KGAL, which opened a London office last year, although this has yet to be confirmed.
Credit Suisse is in the process of cutting thousands of jobs at its London office and needs to reduce costs in its global markets business. Last week, CEO Tidjane Thiam said he plans to cut a further 20% from costs in global markets after increasing the bank's cost cutting target. Thiam appointed Brian Chin as head of the global markets business in September. Chin is a former credit banker and Thiam said last week that he will instrumental in helping the bank achieve "incremental efficiency savings."
It appears that Parrenin quit CS before Chin's appointment. If, indeed, he has achieved a position as a managing director on the buy-side, this looks like fortuitous timing.