ZURICH, Feb 17 (Reuters) – Credit score Suisse (CSGN.S) has appointed Neil Hosie as sole head of its world equities division, the Swiss financial institution mentioned on Friday, in a reshuffle of the enterprise.
Hosie, who has been with Credit score Suisse since 2017, was most just lately co-head of worldwide equities alongside Doug Crofton who’s leaving the financial institution, an inner memo, seen by Reuters, mentioned.
Crofton joined Credit score Suisse in 2017 as head of money equities buying and selling and gross sales in america. He was named world co-head of money equities in November.
Hosie might be based mostly in London and begins his new function instantly.
The financial institution’s revenues from buying and selling equities dropped by 95% within the fourth quarter to 18 million Swiss francs. As compared, 5 main U.S. banks reported a drop of 10% in the identical interval, based mostly on information compiled by Reuters.
At group degree, the Swiss financial institution final week reported its largest annual loss because the monetary disaster.
The equities enterprise has been going by way of a serious restructuring after Credit score Suisse was hit with losses in relation to the collapse of U.S. funding agency Archegos in 2021.
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The financial institution has exited its prime companies enterprise that caters to hedge funds. In its technique revamp in October, the financial institution mentioned it goals to “align and streamline” markets desks, together with equities, to higher serve its wealth administration unit and CS First Boston, the standalone funding financial institution it goals to create.
Reporting by Noele Illien and Stefania Spezzati, Modifying by Rachel Extra and Jane Merriman
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