Credit Suisse Group AG is changing the leadership of its U.S. equity research as Mark Flannery is being moved to another role and a deputy left the Swiss bank, a person briefed on the moves said.
Replacements for Flannery, a managing director in New York, and James Kelly, the associate director of research who left last week, will be named soon, said the person, who asked not to be identified discussing personnel. Nicole Sharp, a spokeswoman for Zurich-based Credit Suisse, declined to comment.
Research departments across Wall Street are in transition as trading margins shrink and clients become more selective with their commissions. Credit Suisse Chief Executive Officer Tidjane Thiam, who took over at the end of June, is shrinking parts of the investment bank to focus on Asia and wealth management.
Flannery joined Credit Suisse in 1992 as a London-based oil and gas analyst before rising to run energy research, according to his LinkedIn profile. His new position will be announced in coming months, the person said.
Kelly joined Credit Suisse in 2009 for a second stint after spending about eight years at Goldman Sachs Group Inc., which he left in 2008, according to his LinkedIn profile.
Flannery declined to comment and Kelly didn’t immediately respond to phone and e-mail messages seeking comment.