Robert MacNaughton, head of distressed debt trading in the U.S. for Credit Suisse Group AG, is leaving the bank after more than 15 years, according to a person briefed on the move.
MacNaughton sent out a note to clients announcing his departure, said the person, who asked not to be identified because the move isn’t public. Drew Benson, a spokesman for the Zurich-based bank, said the firm doesn’t comment on personnel matters.
Investors who buy beaten-down debt have struggled with oil prices at a six-year low and benchmark U.S. interest rates rising for the first time in almost a decade. Jefferies Group LLC and Goldman Sachs Group Inc. sustained millions of dollars in losses from their distressed-debt trading, people with knowledge of the losses said earlier this year. Amid the rout, Third Avenue Management this month suspended cash redemptions from a mutual fund that invested in distressed debt.
Credit Suisse said in October that it sought to have a top-three credit products trading business among global firms, up from its current standing of top-five, according to a presentation that month. The firm is scaling back in other parts of fixed-income trading.
MacNaughton joined Credit Suisse more than 15 years ago after previously working at Lehman Brothers Holdings Inc., according Financial Industry Regulatory Authority records. MacNaughton didn’t return a call for comment to his mobile phone.