PEOPLE: Credit Suisse cuts covered bond franchise further

Tue Feb 4, 2014 12:19pm EST

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LONDON, Feb 4 (IFR) - Richard Kemmish has left Credit Suisse after more than seven years of service as head of covered bond origination, according to a market source, becoming the latest in a string of departures from the bank's secured funding franchise in the past year.

Kemmish has 15 years' experience in the covered bond market, having started his career at Dresdner in 1998, where he worked as a covered bond product manager for over seven years.

Kemmish had been under investigation by the bank's compliance department for improper use of social media, according to sources within and outside Credit Suisse. Credit Suisse and Kemmish declined to comment on whether an investigation had taken place.

Credit Suisse's covered bond franchise has been under threat over the past year. Sabine Winkler, a covered bond and SSA research analyst, has also left the bank, as have Claudia Interbitzen and Andreas Kraft, who were responsible for covered bond and agency trading, according to market sources. Veteran rates syndicate official Edward Mizuhara, meanwhile, is heard to be among some 65 fixed income personnel that are under threat.

Credit Suisse, however, maintains it is well enough staffed to meet current requirements.

"Credit Suisse remains committed to the covered bond business and has a deep pool of talent ready to service client needs in this sector of the market," said a Credit Suisse spokesman. "We will also be re-hiring as required." (Reporting by Aimee Donnellan; Editing by Philip Wright)

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