The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

FX news: Through the mill with Credit Suisse

Credit Suisse has come up in conversation a couple of times this week.

Credit Suisse has come up in conversation a couple of times this week. First the rumour mill said that Euromoney’s Best global bank – according to the 2010 Awards for excellence – was moving its spot FX operation back to London from Zurich. Which would be a turn up after all the brouhaha that banks would desert the UK in favour of countries that were more tax- and bonus-friendly.

But it seems the rumour was only partly true. Credit Suisse is only moving some of the team back to London. A Credit Suisse spokesperson says: “As part of our ongoing effort to maximize the impact of our trading staff, we have decided to co-locate European spot trading in London and Zurich, which will allow us to serve both our Swiss and European clients better.” But I reckon it might show that, despite the efficiencies of electronic execution, there are still benefits to be had from sales and execution being able to shout at each other over their desks.

Then the mill claimed that the Swiss bank had shut down its largely New York-based proprietary trading team. We haven’t been able to get any confirmation or clarification of this and don’t expect any – as Brady Dougan told Euromoney in July, the bank had changed to a “client-focused, capital-efficient strategy” upon his becoming Credit Suisse’s CEO in 2007 and that the implementation of the strategy accelerated throughout 2008 and post-Lehman.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree