Credit Suisse Cuts Rates Traders to Emphasize Electronic Trading
A visitor is reflected in a window as he enters a Credit Suisse Group AG office in Zurich, Switzerland.
Photographer: Gianluca Colla/BloombergThis article is for subscribers only.
Credit Suisse Group AG is shrinking its rates business in New York and London to focus on electronic trading.
The group, which trades government debt and interest-rate derivatives, will cut sales and trading positions in the U.S. and the Europe, Middle East and Africa region, according to an internal memo from Yves-Alain Sommerhalder, one of the heads of the international trading-solutions group. The bank has about 60 people in that area and will cut about 15 percent as it shifts resources to its algorithmic-trading platform, according to a person familiar with the matter.