A series of exits in its investment bank leaves Credit Suisse veteran Yves-Alain Sommerhalder as the sole head of global trading solutions.

A swath of executives are leaving Swiss bank in the wake of twin billion-dollar scandals Archegos and Greensill, as finews.com reported earlier on Tuesday. The exit of Paul Galietto, head of its equities sales and trading as well as co-head of a powerful global trading solutions unit, leaves Yves-Alain Sommerhalder as the sole head of the latter, according to a memo seen by finews.com.

Credit Suisse said Anthony Abenante will stand in temporarily in the equities role, which oversees both the cash equities as well as the prime brokerage business in which the $4.7 billion Archegos wreckage sits. Abenante is head of execution services, a role he will keep while subbing for Galietto, who is stepping down immediately and leaves the bank at month-end.

Unit Clear-Out

 The changes follow the resignations of risk and compliance boss Lara Warner as well as that of investment bank boss Brian Chin earlier on Tuesday. Archegos and Greensill's supply chain funds have rocked the Swiss bank, which scrambled to slash its dividend for last year by nearly one-third to 0.10 francs per share and drop a vote asking for shareholder backing.

Besides Galietto, who had joined from UBS four years ago, Credit Suisse's head of prime brokerage risk Parshu Shah will step down, effectively immediately. The head of its U.S. prime brokerage arm, Neir Jhawar, will stand in for him temporarily, according to the memo, first reported by «Bloomberg».

Rapidly Advanced

Credit Suisse bankers Ryan Atkinson, head of credit risk for the investment bank, Ilana Ash, head of counterparty credit risk management, and Manish Mehta, head of counterparty hedge fund risk, are also leaving, according to «Bloomberg». 

Sommerhalder, a 19-year veteran of Credit Suisse, got his big break when previous CEO Tidjane Thiam tapped him for the new trading collaboration in 2017, dubbed GTS. The Swiss bank has expanded Sommerhalder's remit twice since then – most recently last autumn. 

Credit Suisse doesn't disclose any financial specifics of GTS, which enjoys wide authority over at times unconventional forms of financing, according to analysts.