Credit Suisse Laying off FX Staff as Part of its Cost-Cutting Program

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Credit Suisse Laying off FX Staff as Part of its Cost-Cutting Program Swiss banker Credit Suisse Group is laying off its FX team as it looks to restructure its fixed-income unit, according to sources privy to the matter.

More than six employees in both New York and London have been given redundancy packages, whereby they are notified their jobs may be made redundant and are given some time to look for other vacancies within the bank or exit it.

Some employees who have been given the packages include Monika Dasani, a saleswoman based in London who dealt with hedge funds, Daniel Wise, a London-based head of spot trading and Mark Astley, a FX strategy director.

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Wise joined the Zurich-based bank in 2011 from Barclays, where he was the head of European forex spot trading. Astley’s LinkedIn account shows that he joined Credit Suisse last August after working with the Bank of England for 20 years.

When contacted by Bloomberg over the issue, Drew Benson, a New York-based spokesman at Credit Suisse, refused to comment. Dasani, Wise and Astley also refused to comment.

Credit Suisse merged its forex operations with its rates and commodities businesses last November. This has seen it push for a leaner staff structure owing to systemic changes in the sector and “weaker client activity.” The lender aims to net cost savings totalling $200 million across the board.

“We were never really that large of a player in the foreign-exchange markets,” Brady Dougan, the bank’s Chief Executive Officer, told analysts in April.

The bank is one of the eight lenders that are being probed by Swiss Competition Commission over allegations of manipulating the benchmark rates in the $5.3 trillion-a-day forex market. Dougan said the bank is fully cooperating in the investigation. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Yashu Gola at yashu@forexminute.com