Credit Suisse Appoints Eraj Shirvani Emerging Markets HeadElena Logutenkova
Credit Suisse Group AG, Switzerland’s second-biggest bank, appointed Eraj Shirvani global head of emerging markets at its investment bank, replacing Chris Corson who will take on a new role within fixed income.
David Miller, who has been running global credit products with Shirvani, will become the sole head of that business, a spokesman for Zurich-based Credit Suisse said by phone on Monday. The changes will take effect on Feb. 1.
Credit Suisse has been reorganizing its fixed-income business to boost profitability as tougher global capital rules squeeze returns at the investment bank. The emerging-markets business posted a 6 percent increase in nine-month revenue in U.S. dollar terms, while the global credit unit boosted dollar sales by 8 percent in the same period, the bank said in October. The Swiss lender wants to diversify its debt unit across regions and products to create a more balanced business mix, it said.
As part of the leadership changes, Corson will take on a new position developing new markets and product solutions within the fixed-income business. Shirvani will remain head of fixed income in Europe, Middle East and Africa.
Credit Suisse also appointed Mathew Cestar co-head of credit products in EMEA with Jonathan Moore. Cestar’s responsibilities will include all primary market business, while Moore will oversee all secondary market trading. Didier Denat, who has been running EMEA leveraged finance and sponsors group with Cestar, will become the sole head of the business.
Reuters reported the management change earlier Monday.