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Foreign Exchange

Credit Suisse’s global head of FX sales resigns

The head of sales of the global currencies and emerging markets (GCEM) group at Credit Suisse has resigned, a bank spokesman confirms.

Ben Shooter, who joined Credit Suisse in 2000, left the firm on Monday. He had been appointed global head of GCEM sales in January. The creation of the GCEM group was the result of a merger of Credit Suisse’s foreign exchange and emerging markets fixed-income business that month. Prior to his appointment as head of GCEM sales, Shooter had been the European head of FX sales, where he had specialized in dealing with hedge funds, and was highly regarded within the industry. He reported to Todd Sandoz and Chris Corson, the global co-heads of GCEM, which sits within firm’s fixed income group.

His departure comes as the firm seeks to grow its FX presence in the emerging markets via the GCEM group, where it is building a single storefront so the firm’s clients can get a full range of prices, market information and content across both G10 and developing local markets.

Credit Suisse was ranked eighth in Euromoney’s annual FX survey this year, unchanged from the previous year. It slipped two positions to fourth with European-based hedge funds, but made inroads with real-money clients globally, rising four places to seventh in the rankings.

In Asia, excluding Japan, the firm rose two places to 10th in the FX survey, while in Latin America, it remained in eighth position.

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