Credit Suisse has lost swathes of credit traders in the past few months, including, most recently, three managing directors and a director in high yield who've gone to Barclays in New York, but it's not just in credit that people are leaving. FX traders are exiting too.
Sources say that Credit Suisse has lost five FX traders in Singapore, London and New York. They are: Ruchir Sharma, its Singapore-based head of APAC FX Trading; Christopher Hatton, a director in EM FX trading in New York; Rohan Naik, a director in global emerging markets FX trading; Rohan Agrawal, a junior EM FX options trader in Singapore and Jared Saporta, a junior FX trader in London.
It's understood that Sharma is joining Deutsche Bank, although it's not clear what his role there will be. Credit Suisse declined to comment on the departures.
The exits come after Credit Suisse barely mentioned its fixed income trading business at its recent investor day. Traders at Credit Suisse were annoyed last year after the bank paid weak bonuses, of which a proportion were paid in cash and were susceptible to being clawed back in the style of Jefferies if they leave within three years. Adding insult to injury, the bank also clawed back traders' stock that was due to vest after making CHF3.7bn loss in its investment bank last year, causing further trader disgruntlement.
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