Credit Suisse's Garnett Said Leaving; Paliotta to Run Equitiesby
Credit Suisse Group AG named Mike Paliotta to oversee equities globally and Steven Garnett, the unit’s co-head in the Americas, will retire, according to a person with knowledge of the matter.
Paliotta will also retain his role as global head of prime services, a unit that settles trades and lends money to hedge funds, the person said, asking not to be identified because he’s not authorized to speak on the matter. Paliotta and Nicole Sharp, a spokeswoman for the Swiss lender, declined to comment. Garnett didn’t immediately return a call and e-mail seeking comment.
Chief Executive Officer Tidjane Thiam is cutting costs and increasing the Swiss bank’s focus on Asia and wealth management. Credit Suisse may report a net loss for the first quarter, Thiam said on Wednesday, and will increase the number of planned jobs cuts by 2,000. The Zurich-based bank now aims to eliminate 6,000 positions in 2016.
Paliotta, who was previously the co-head of equities for the Americas, took on his role as the global head of prime services in 2015, replacing Paul Germain.