The layoffs at Credit Suisse continue
REUTERS/Ruben Sprich
The layoffs at Credit Suisse continue.
Chip Clingham, the head of equity sales trading in New York, is among those to have recently left the bank in another round of layoffs, according to people familiar with the matter.
Clingham is a veteran of the equities industry and spent over seven years at the bank. Once a captain in the US Army, Clingham worked in equities sales and trading at ABN AMRO and Deutsche Bank before joining the Swiss bank.
This latest round of layoffs is part of an ongoing downsizing at Credit Suisse's investment bank. The bank laid out plans in October 2015 to cut thousands of jobs and then said in March it would cut deeper still.
The bank had a round of job cuts in September, which saw Guy Cirillo, the industry veteran who was global head of business development for electronic products, leave the firm.
The markets businesses, which typically house fixed income and equities units, have been a source of pain for many Wall Street banks and a particular target for layoffs. At Credit Suisse, that unit generated a $23 million loss in the second quarter. The bank is scheduled to announce third-quarter results on Thursday.
There have also been changes at the top of the markets business, with Brian Chin succeeding Timothy O'Hara as CEO of global markets. Earlier in the year, the bank named Mike Paliotta to run the equities business globally, while Steven Garnett, who had been a cohead of equities in the Americas, retired.
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