Credit Suisse Reshuffles Prime Services Management as Global Head Departs

Credit Suisse will part ways with Paul Germain as its global head of Prime Services, to be replaced by Mike Paliotta, according to two memos.

Germain, who was appointed to the role in 2013, will leave to explore an “entrepreneurial opportunity” outside of the bank, according to one of the memos.

Paliotta, a 15-year veteran at the Swiss-based bank and previously co-head of equities for the Americas, will report to Tim O’Hara, co-head of investment banking.

“Mike’s appointment underscores our commitment to our leading equities client franchise and is a testament to his tight partnership with the prime business over many years,” says O’Hara in the memo.

The reshuffle comes as the investment bank looks to downsize its prime brokerage business. The proposed cuts to the unit would form part of the CH70 billion worth of cuts the bank plans to make due to the leverage ratio rules in Basel III.

The replacement of Germain with Paliotta is the latest in a string of hiring’s and departures amongst the top prime brokers. Last week Citigroup appointed Adam Hermannn from UBS as its new global head of Prime Finance. In January, Deutsche Bank’s co-head of U.S. Prime Finance, Scott Carter, stepped down after serving 20 years with the bank.