July 11 (Reuters) - Michael Paliotta, who heads global equities trading at Credit Suisse Group AG, is leaving the bank, according to an internal memo on Tuesday.
The Swiss bank said late last year that it had hired wealth management and trading executive Mike Stewart from UBS Group AG to replace Paliotta but did not say whether he would stay on in another role.
A Credit Suisse spokeswoman confirmed the contents of the memo, which was signed by Brian Chin, the bank’s global markets head.
Paliotta joined Credit Suisse in 2000 as a member of the institutional sales group and held various positions in the stock trading business, including co-head of equities in the Americas and head of prime services globally.
Under Chief Executive Officer Tidjane Thiam, Credit Suisse has cut back its footprint in fixed income trading while focusing on ways to boost trading and lending to wealthy clients. (Reporting by Olivia Oran in New York; Editing by Lisa Von Ahn)