Credit Suisse Group AG no longer wants to act as a market maker for European government bonds, the bank said.
“This is part of scaling back the macro business,” said Adam Bradbery, a London-based spokesman for Credit Suisse. “We are in the process of exiting all our European primary dealer roles.”
It will remain a primary dealer for U.S. government debt.
Earlier Thursday, the U.K. debt office said Credit Suisse will cease to be a gilt-edged market maker by the end of Friday.
Tim O’Hara, Credit Suisse’s head of global markets, told investors Wednesday that the bank would relinquish its primary dealerships in Europe.