LONDON, Dec 8 (IFR) - Cameron Hedger, co-head of fund-linked products in Credit Suisse’s global solutions business, is leaving the Swiss bank as part of an expanded cost cutting plan announced on Wednesday, people familiar with the matter said.
Hedger’s departure is part of Credit Suisse’s plan to reduce costs by over SFr4bn by 2018, in part through a reduction in the duplication of roles by the removal of co-heads.
Hedger ran the fund-linked products business alongside co-head Mounir Elarchi, who came from the fixed income side of the business. Hedger’s background was in equities, where he was previously head of European equity derivatives at the bank and retained responsibility for equity derivatives structuring alongside his wider role in global solutions.
Following Hedger’s departure, Elarchi will become sole head of fund-linked products for the global solutions business, the sources said.
The cross-asset global solutions business was formed in October 2015 under Eraj Shirvani as Credit Suisse streamlined its global markets division around key clients.
The solutions platform brings together Argentum, the bank’s off balance sheet structured note issuance platform, with its nit-linked investment products platform, iCPPI. The business also provides hybrid transactions, repackaged notes and offers liquidity and risk management products to clients. (Reporting by Helen Bartholomew)