LONDON Nov 26 Credit Suisse CSGN.VX will
close its New York emissions trading desk and cut staff in
London, sources familiar with matter told Reuters on Wednesday.
"They're closing New York and cutting the London desk," said
one source who declined to be named.
The Swiss investment bank would keep several staff at its
London office for "day-to-day trading", but Paul Ezekiel, the
bank's head of carbon trading in New York, would leave and the
bank would not pursue further deals or emissions reduction
projects, the sources said.
Credit Suisse declined to comment.
"They're stopping new origination of primary deals. There
are some people leaving," said a carbon trader who also asked
not to be named.
Ezekiel said last month the bank was preparing a structured
carbon emissions deal worth about $200 million.
He said the deal involved 11.5 million tonnes of
U.N.-approved carbon dioxide offsets, called Certified Emission
Reductions (CERs), generated from 25 emissions-cutting projects
in China, India and Brazil. [ID:nLM279164]
The bank purchased a 10 percent stake in project developers
EcoSecurities ECO.L for 44 million euros ($57.04 million) in
EcoSecurities' shares have since dropped by around 90
(Reporting by Michael Szabo and Gerard Wynn; Editing by Sue