Credit Suisse Stocks Chief Jain Said to Join Hedge Unit

Credit Suisse Group AG’s Bob Jain will step down after almost four years as head of the stocks business to oversee in-house hedge funds in the money-management division, two people with knowledge of the decision said.

Jain will run the alternatives unit and be based in New York, reporting to asset-management chief Robert Shafir, 54, said one of the people, who requested anonymity because the changes aren’t public. Timothy O’Hara, a former head of the Americas fixed-income department, will assume Jain’s role. An announcement may come this week, the people said.