There is upset at Credit Suisse in London. As the Swiss bank implements CEO Tidjane Thiam’s ever more aggressive cost cutting programme, people who’ve only just been hired are being let go.
Equity trader Leigh Adams is a case in point. Insiders say Adams was hired by Credit Suisse two months ago and that he’s just been put at risk as part of the bank’s cost cutting initiative. Adam’s LinkedIn profile appears to confirm this: he joined CS as a VP in European mid cap equity trading in August and is now looking for a new role. He declined to comment. Adams can at least console himself with the thought that he didn’t quit another job to join CS: he left Nomura, where he was head of TMT consumer trading, in November 2015.
Adams isn’t the only recent exit from Credit Suisse’s equities business. Paul Farmery, a director in that business, has also gone.
Credit Suisse declined to comment on Adam’s and Farmery’s departures.
The Swiss bank is due to report is third quarter results tomorrow. In a presentation in September, Tidjane Thiam said he planned to ramp up existing cost cutting initiatives and to cut an extra CHF400m to CHF900m from the global markets division. Equities traders seem obvious victims – European equities have had a bad year and J.P.’s banking analysts are predicting that revenues in Credit Suisse’s equities trading business will fall by 33% this year compared to last. The bank is also said to have let go of Chip Clingham, its head of equity sales trading in New York.