Credit Suisse has reshuffled its prime services leadership following the departure of its global head, Indrajit Bardhan.
According to an internal memo seen by Global Custodian, Paul Galietto will expand his current responsibilities as head of Americas equities to become the new global head of prime services.
Prior to joining Credit Suisse last year, Galietto previously served as head of global prime services at UBS and Merrill Lynch.
Bardhan will be leaving to pursue external opportunities, the memo added. He joined Credit Suisse in 2009 as global head of risk and head of Americas for prime services.
He took over the global prime services role in 2016 from Mike Paliotta, who became the bank’s of global markets equities at the time.
“Through his [Bardhan’s] leadership, the prime services team has been consistently ranked as one of the top prime brokers in the industry,” said Mike Stewart, head of global markets, equities, Credit Suisse in the memo.
“Indrajit has been a key contributor in maintaining our strong culture in equities and has served as a role model for peers and subordinates throughout Global Markets.”
Credit Suisse has scaled back the number of prime brokerage clients it has served over the years, following a strategic review in 2015, but has stated it remains committed to the business.
According to its fourth quarter earnings, Credit Suisse reported a 13% decrease in equities sales and trading revenues “reflecting lower prime services and equity derivatives revenues in a in a difficult trading environment.”