Credit Suisse McCormack Said to Leave Prime Brokerage Role

Kieren McCormack is leaving his senior position within Credit Suisse Group AG’s unit that deals with hedge fund clients, as Chief Executive Officer Tidjane Thiam pushes on with cost cuts, people with knowledge of the matter said.

McCormack, head of prime brokerage sales for Europe, the Middle East and Africa, will leave Credit Suisse unless he finds another position within the Zurich-based lender, said the people, who asked not to be identified because the matter isn’t public. Adam Bradbery, a spokesman for the bank in London, declined to comment. McCormack didn’t respond to e-mailed requests for comment.

Some of the most senior executives at Credit Suisse’s global markets division have left the bank since Thiam took over in 2015. Tim O’Hara has been replaced by Brian Chin as head of the unit, while Dougal Brech, co-head of prime services for Europe, also left earlier this year. Shares have tumbled 39 percent this year.

Thiam told investors last year that the prime brokerage business had a “non-acceptable” level of profitability and capital usage. Credit Suisse is making Dublin its primary hub for servicing hedge fund clients in Europe, the bank said in December.

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