Huteau’s departure comes as the firm enacts its plans to target cost savings, including headcount reductions of about 4% across the group. In its second-quarter results in July, Credit Suisse said this amounted to approximately 2,000 jobs. According to market sources, the firm may be cutting as many as 25 jobs in FX.
The same sources claim that Credit Suisse is scaling back its resources committed to and global integration of its emerging markets FX options business. Though Credit Suisse declined to comment on Huteau’s departure, in the same statement from its second-quarter earnings report, it said it would “continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions.”
Huteau’s career at Credit Suisse spanned quantitative research and EM fixed-income trading before moving into FX options and exotics, where he was instrumental in building up the bank’s franchise in EM FX options.