March 12 (Bloomberg) -- Phil DeSantis, co-head of global credit products at Credit Suisse Group AG, is leaving the firm after 13 years and will be replaced by David Miller, according to two internal memos.
Miller, who has been head of global leveraged-finance capital markets since 2011, will become co-head of the unit with Eraj Shirvani, according to one of the memos. The contents of both memos were confirmed by Jack Grone, a spokesman for the firm in New York. They were signed by Gael de Boissard, co-head of the Zurich-based company’s investment bank.
DeSantis, 47, and Miller both joined Credit Suisse, the second-biggest Swiss bank by assets, when it acquired Donaldson Lufkin & Jenrette Inc. in 2000. The bank has been adapting its fixed-income trading business to comply with new requirements under the Basel III capital rules.
“A dedicated and accomplished leader at the bank, Phil oversaw the transition of credit to conform to stricter regulatory requirements under Basel III,” De Boissard wrote in the memo about DeSantis’s resignation.
Before joining DLJ, where he was a managing director in the leveraged-finance group, DeSantis worked as a credit trader at Lehman Brothers Holdings Inc. and managed fixed-income portfolios at Kemper Financial Services, according to the memo.
Credit Suisse’s revenue from fixed-income sales and trading jumped 60 percent to 5.35 billion Swiss francs ($5.67 billion) in 2012. Revenue from debt trading and underwriting accounted for about 55 percent of the total at Credit Suisse’s investment bank last year, according to results on the firm’s website.
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