Credit Suisse Head Loan Trader Zamore to Depart Amid Cutsby
Barry Zamore, head of U.S. loan trading at Credit Suisse Group AG, is leaving the Swiss bank as it embarks on its latest round of job cuts, according to people with knowledge of the matter.
Zamore, a managing director, led par loan trading, said the people, asking not to be identified because the information isn’t public. He had been with Credit Suisse since 1993 and had started the loan trading desk in 1996, one of the people said.
Credit Suisse revealed plans last month to speed up and increase cuts at the investment bank after it announced almost $1 billion of losses on soured credit positions. Drew Benson, a spokesman for the bank, declined to comment.
The Zurich-based lender’s holdings of distressed debt, leveraged loans and securitized products, including collateralized loan obligations, triggered $258 million of writedowns this year through March 11, after $495 million of losses in the fourth quarter, the company said in a presentation last month.