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Foreign Exchange

Credit Suisse loses global head of FX sales as it restructures FX business

Credit Suisse will be merging its foreign exchange and emerging markets fixed-income businesses from January 1 2012 to form the new Global Currencies and Emerging Markets Group, the bank said in a statement.

The new group, GCEM, will be led by Chris Corsen, currently global head of the EM financing group, and Todd Sandoz, global head of FX and short term interest rate trading. They will become co-heads of GCEM. Martin Wiedmann, who has been global head of FX sales and distribution at Credit Suisse for nearly five years, announced his resignation in order to pursue other interests.

Ben Shooter, currently European head of FX sales, will take on the new role of global head of GCEM sales in January 2012. Shooter will be based in London and will report to Corsen and Sandoz.

Braden Howarth has been appointed EMEA head of GCEM sales and Molly Duffy head of North American GCEM sales. Howarth and Duffy will report to Shooter.

Mike Hodgson, currently head of the emerging markets group, will be going on sabbatical at the end of December and will return in September 2012.

“The Global Currencies and Emerging Markets group will allow Credit Suisse to deliver a seamless, market-leading emerging markets and FX offering,” said a Credit Suisse spokesperson.

In this year’s Euromoney FX survey, Credit Suisse held on to eighth place in the global rankings, with a market share of 4.8%. The bank is particularly strong in the options market, ranking third after Deutsche Bank and Goldman Sachs with a 9% share.

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