Credit Suisse makes cuts to prime brokerage team under new leader

The cuts were sparked by the departure of Indrajit Bardhan, Credit Suisse’s former global head of prime services, last month.

By Joe Parsons

Credit Suisse has made a number of high profile cuts to its prime brokerage team, one month after it appointed Paul Galietto as global head of prime services.

The departures include Jeremy Siegel, global head of prime consulting, Bon Leonard, global head of capital services, and Mike Wingertzahn, head of institutional prime sales and head of Americas delta one sales.

Siegel served almost 14 years with the Swiss bank in New York, while Leonard served over 15 years.

Also in the firing line was Gardy Berthoumiex, global head of Credit Suisse’s central collateral desk for 20 years, and Fred Nadd-Aubert, head of securities lending.

A number of other directors and vice presidents within the equity finance and prime services business were also let go.

A spokesperson for Credit Suisse confirmed the departures, with the reduction in headcount followed an annual assessment of the business to ensure alignment with the bank’s strategy.

“We continue to invest in the Equities business and across the Global Markets division as evidenced by our recent hires. Credit Suisse remains fully committed to its global investment banking and equities offering,” said Credit Suisse’s spokesperson.

The cuts were sparked by the departure of Indrajit Bardhan, Credit Suisse’s former global head of prime services, last month. The role was then taken up by Galietto, its current head of Americas equities, who expanded his responsibilities to cover prime services.

Tidjane Thiam, CEO of Credit Suisse, said in the bank’s fourth quarter earnings call: “In prime, we continue to focus on deploying the balance sheet to our core clients.”

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