Credit Suisse hires new North American head of FX trading
Credit Suisse has hired a new US head of global currencies trading, the bank confirmed to EuromoneyFXNews.
The firm has hired Jim Lanzilotti, who resigned from his position as head of local markets trading at UBS on Monday, having joined the firm in August 2009 from SAC Capital Advisors. He had previously worked at Lehman Brothers until May 2007.
Lanzilotti is the latest in a string of senior hires by Credit Suisse since Todd Sandoz, global head of FX and short-term interest rate trading, took the helm in May.
Lanzilotti will report to his former UBS colleague, David Tait, who was hired in November as global head of FX trading based in London, in what was a newly created role. In June, the firm also hired a new global head of spot trading – Danny Wise from Barclays Capital.
These hires form part of larger strategy by Credit Suisse to better position itself in the FX markets, as emerging markets become a more important revenue source for the FX franchise.
In December, the firm announced it was merging it FX division with its emerging markets fixed-income group, forming a new division called global currencies and emerging markets (GCEM).
The main idea for the merger was to create a single storefront so the firm’s clients can get a full range of prices, market information and content.
FX revenues from emerging markets currencies now make up almost half of all income generated in FX, up from 28% three years ago, according to the consultancy Coalition.
Ben Shooter was appointed global head of GCEM sales in December, reporting to Sandoz and Chris Corson, who will co-lead the GCEM.