LONDON May 14 At least six foreign exchange
employees at Credit Suisse in London and New York,
including head of FX spot trading in London Danny Wise, have
left the Swiss bank in a cost-cutting drive, a source familiar
with the matter said on Wednesday.
Their departure is part of cost cuts in the bank's Macro
Products Group within its Fixed Income, Currencies and
Commodities (FICC) division and is not related to a global probe
into allegations of collusion and price-rigging in the foreign
exchange market, the source said.
Wise, the highest profile of the six, had joined from
Barclays in 2011. He was also part of a group of chief
dealers from banks in London who met up to four times a year
with senior Bank of England officials to discuss the main issues
and events affecting the currency market.
The job cuts represent a "tweaking" of Credit Suisse's fixed
income division following a broader and deeper shake-up in
October last year, the source said.
Wise could not be immediately reached for comment.
The other five are: Zain Iqbal, analyst, FX options trading
in London; Arran Manu, analyst, FX spot trading in London;
Monika Dasani, vice president, FX hedge fund sales in London;
Mark Astley, director, senior FX strategist in London; Martin
Amann, director, hedge fund FX sales in New York.
None of them could be reached for immediate comment.
The bank's revenues from bond trading in the first quarter
of this year fell 25 percent from the same period a year
earlier, driving overall investment banking profits down 36
percent, the bank said in April.
Credit Suisse is one of several major banks assisting
regulators around the world in their FX investigation.
In March, it said it was "astonished" to be drawn into a
Swiss competition probe investigating potential collusion to
manipulate FX rates.
Credit Suisse dropped out of the ranking of the world's top
10 FX banks this year, according to a poll by Euromoney. London
is the hub of the global FX market, accounting for around 40
percent of its $5.3 trillion-a-day turnover.
(Reporting by Jamie McGeever. Editing by Mike Peacock and Jane