Credit Suisse may be making more of an effort to "protect its full-time employees" after making deep cuts to its global markets business in London, but senior staff are still heading for the door. The latest exit is Jerome Henrion, who headed the bank's EMEA solutions group, which includes its macro and equity derivatives sales and trading businesses.
Henrion departed earlier this month, after more than 20 years working at the bank in various senior positions. He's currently on gardening leave, but is set to make the switch to the buy-side - we understand that he'll be moving to M&G Investments as a portfolio manager in August. He has not been replaced.
He was latterly head of the EMEA solutions coverage group and a member of the bank's global markets operating committee. This group is a cross-asset sales team that cuts across equities, macro, and credit. Before this, he was head of the financial institutions group for Credit Suisse's global markets business. He was also previously responsible for UK and Ireland fixed income.
Henrion is the latest senior exit from Credit Suisse's 'solutions' group, which includes sales and trading functions for rates, FX and equity derivatives. Andrea Negri, a managing director and head of equity derivative sales in Europe, and Walter Rotondo, head of European equity derivatives convertibles trading, both departed at the end of last year.
Henrion joined Credit Suisse in August 1996 after graduating from Université libre de Bruxelles with a degree in engineering.
Credit Suisse took the decision to curb its macro business in the middle of last year, under the new strategy unveiled by CEO Tidjane Thiam, its FICC business is now more geared towards credit trading. Its credit trading business was part of the first quarter FICC party - with revenues up 135% compared to Q1 2016 - but while macro improved, its solutions business was down year on year 24% in the first quarter, largely because of reduced revenues in equity derivatives.
Credit Suisse declined to comment.
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