(Corrects Eraj Shirvani's role to EMEA head in 4th para)
LONDON Jan 10 The co-head of Credit Suisse's
trading unit in EMEA is leaving the bank, it said in a
memo to staff seen by Reuters, the latest management change in
the division behind $1 billion in trading losses that came to
light last year.
Stephen Dainton had led Credit Suisse's global markets
equities business in Britain and EMEA since 2005 and had been
co-head of global markets in EMEA since last March, the bank
said in the memo.
A Credit Suisse spokeswoman confirmed the contents of the
Eraj Shirvani will become the interim head for global
markets in EMEA while remaining head of global markets
"Stephen's responsibilities for managing the EMEA GM
Equities platform will be assumed by three of his key direct
reports, with immediate effect: Nas Al-Khudairi, Steve East and
Jeff Jennings," the bank wrote.
The bank is currently looking to hire a replacement for
Credit Suisse has cut more than 1,000 jobs in global markets
as part of a major restructuring by group Chief Executive
The division also oversaw around $1 billion in trading
write-downs at the end of 2015 and the start of 2016. Thiam has
said he and other senior bank officials were unaware of the size
of the positions behind the write-downs.
The head of global markets Timothy O'Hara stepped down in
September, just over 10 months into the job and was replaced by
News of Dainton's departure was reported earlier by
(Reporting by Anjuli Davies; Writing by Joshua Franklin;
Editing by Hugh Lawson)