As exits blow through Credit Suisse, one company that received plenty of applause during the Tidjane Thiam era has had multiple exits: global trading solutions (GTS).
Credit Suisse’s GTS team aims to bring together its investment banking and wealth management businesses, providing wealth management clients with investment banking-style structuring and execution capabilities. It was cited as an area of interest in the bank’s latest report investor day, but there are complaints that he gets less love than before. This may be the reason why several members of the team have disappeared.
Headhunters say at least three people have quit in the past month. Among them is Mike Pozarzycki, who previously ran metal options trading for Credit Suisse in Zurich. Pozarzycki left the bank in March, according to his LinkedIn profile. He is considered the latest in a long line of traders to decide that crypto market making is a better place to be, and is thought to join GSR, the crypto market maker who says he wants to hire 100 people every six months for a few years.
Credit Suisse declined to comment on Pozarzycki’s exit. He is not the only one to leave: the team would also have lost Guarang Gupta, a junior FX options trader in London, and Natrajan Rajendran, an FX options trader who left Credit Suisse for the second time after first leaving hedge fund ExodusPoint in 2018 before returning in 2020 It is unclear where Gupta and Rajendran goes next, although one is supposed to join the buy side and the other is supposed to join a rival bank.
Credit Suisse is said to have made some hires to compensate for the departures, although their identity remains a mystery.
The Swiss bank feels some dissatisfaction after cut his bonus pool last year and the adoption of a new system of cash bonuses for directors and general managers who can be recovered (plus tax) if people leave within three years. After recording a loss of nearly 4 billion francs in the investment bank last year, Credit Suisse has also been to recover previous years’ bonuses before they vest.
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