Credit Suisse’s unwanted FX traders are finding fancy jobs elsewhere
It's now more than three months since Credit Suisse took an axe to its FX sales and trading business. Some of those who were let go have embraced their fate and are thriving in new jobs elsewhere.
Navid Faramarzian, a former director who spent seven years in the Credit Suisse FX team, has for example just joined Optiver the Dutch prop trading (and market making) firm in London. Optiver has been expanding its London office quite aggressively – the firm’s London CEO, John Rothstein, called the city “increasingly central” to its long-term plans. Oh, and it pays mere graduate hires £200k ($237k).
Faramarzian isn't the only ex-CS FX professional who's doing fine outside the bank. Fernando Lang, a former associate, recently joined ExodusPoint, the hedge fund that's expanding in Dubai. George Barrett, another former associate joined JPMorgan in London as an FX options trader last month. And Bloomberg reported today that Nikolay Frolov and Nick Luder, both also FX options traders, have joined Nomura's London team.
As we reported previously. Lawrence Sharpe, who spent seven years at Credit Suisse, has also joined SocGen as a senior trader in London. SocGen isn't known for its generosity, but it's proven a comparatively stable employer in fixed income sales and trading.
Credit Suisse's credit traders are also finding new seats. Stephane Suchet, Credit Suisse’s head of investment grade financials sector strategy, has resurfaced – at Point72, the hedge fund, as a research analyst. And expected Karen Miles, the bank's former head of high yield trading, has now joined all the other former CS traders at Deutsche Bank.
Credit Suisse is still active in FX sales and trading. John Estrada, the bank's global head of FX in London, is still firmly in his seat.
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