Credit Suisse's Shepley Leaving as Head of Global Macro Strategy

Credit Suisse CEO: There Needs to Be a Cultural Change
  • Shepley plans to leave this month, according to internal memo
  • Bank aims to cut 6,000 jobs in 2016 amid CEO Thiam's overhaul

Sean Shepley, Credit Suisse Group AG’s head of global macro product strategy, is to leave the bank after 24 years to pursue “outside interests" amid a wave of cost reduction and job cuts.

Shepley, who joined Credit Suisse in 1992, will depart later this month, according to an internal memo obtained by Bloomberg News. Sofia Rehman, a spokeswoman for the lender, confirmed the memo’s contents. Shepley referred questions to the press department.

Shepley joins the growing number of employees leaving Credit Suisse as Chief Executive Officer Tidjane Thiam overhauls the company by cutting costs and increasing its focus on Asia and wealth management. Departures announced this year include the bank’s U.K. head Garret Curran and Marcelo Kayath, head of equities and fixed income for Latin America.

Shepley’s move was announced internally by Ric Deverell, head of Credit Suisse’s global head of fixed income and economics research. Prior to taking over his current role in 2014, Shepley led the global foreign currency strategy team and set-up the markets strategies research group.

Credit Suisse may post a net loss in the first quarter, Thiam said Wednesday on a conference call with reporters, and will increase the number of planned jobs cuts by 2,000. The Zurich-based bank aims to eliminate 6,000 positions in 2016.

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