Credit Suisse Said to Hire UBS’s Klein for Global Marketsby
Credit Suisse Group AG hired Tom Klein from larger rival UBS Group AG to oversee capital and liquidity management for the bank’s trading unit, according to two people briefed on the matter.
Klein, who’s based in New York, started this week and reports to Warren Young, head of finance for global markets, said one of the people, who asked not to be identified because the hiring hasn’t been announced publicly.
The global markets division was created in a strategic overhaul announced in October by Chief Executive Officer Tidjane Thiam. Young was chief financial officer for the Zurich-based bank’s equities business before taking on his role at the trading unit.
Credit Suisse, Switzerland’s second-biggest bank, accelerated its restructuring in March after turbulent markets prompted the company to write off about $1 billion on risky securities and announce plans to cut 6,000 jobs this year. The firm reduced its target for risk-weighted assets at the global markets unit to $60 billion from as much as $85 billion.