Credit Suisse Group AG named Neil Hosie to lead the bank’s global equities team, amid ongoing management turnover and restructuring at the investment bank unit.
(Bloomberg) — Credit Suisse Group AG named Neil Hosie to lead the bank’s global equities team, amid ongoing management turnover and restructuring at the investment bank unit.
Hosie will be based in London and report to co-head of markets, Michael Ebert, according to an internal memo seen by Bloomberg News that was confirmed by a spokeswoman. Hosie, who has been with Credit Suisse since 2017, was previously co-head of global equities alongside Doug Crofton, who is leaving to join Royal Bank of Canada in May.
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The advisory and markets activities at Credit Suisse’s troubled investment-banking unit are in the midst of being transformed into the standalone Credit Suisse First Boston brand under former board member Michael Klein. The unit has seen a string of senior banker exits in recent months across credit sales, debt capital markets and bond trading businesses.
Earlier this month, the bank posted a fifth-straight quarterly loss and warned that it expects substantial loss for 2023. Client outflows in the final quarter of the year plunged its investment banking revenue to record lows, hindered by the equities business which fared even worse than other units, reporting a 96% decline.
The bank completed a $4 billion capital raise last year and is cutting as many as 9,000 jobs with the aim of regaining profitability by 2024. The bank said it estimates restructuring charges for 2023 of about 1.6 billion francs.
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