Credit Suisse's head of Swiss sales and trading is retiring, finews.com has learned. His departure and that of another long-standing executive at the Swiss bank are sparking organizational and executive changes.
Urs Beeler, the Zurich-based bank's head of sales and trading at its Swiss arm, is stepping down, according to a memo seen by finews.com. His departure from his job as well as from Credit Suisse's top Swiss management is effective from August.
Both his departure and that of Florence Schnydrig Moser (pictured below), reported on Wednesday, are sparking changes in how Credit Suisse sets up its sales and trading operation at its Swiss banking arm.
The products, investments, and marketing arm that Schnydrig Moser, who spoke to finews.com on Thursday, currently oversees will be broken up: the big winner is the trading arm, but operating chief Dagmar Kamber Borens will pick up scraps, as will Credit Suisse's corporate and investment bank.
Trading Winner
The new bulked-up sales and trading arm division of the Swiss bank will be run by Damian Hoop (pictured below), another securities veteran at the bank who currently oversees fixed income trading in the wealth management arm. Hoop also advances to the Swiss bank's top management under unit head Thomas Gottstein.
A 37-year veteran of the bank, Beeler will stay on in a part-time role overseeing Credit Suisse's banking book as well as representing it on the board of SIX, Switzerland's stock exchange operator, until a replacement has been found. A spokesman for the bank confirmed the changes.
The integration will allow Credit Suisse to collaborate more closely, and cut costs, Swiss CEO Gottstein said in the memo. He praised both Schnydrig Moser, who is leaving to run a credit card subsidiary co-owned by the bank, and Beeler for their work.
