Credit SuisseGroup AG's head of prime brokerage sales for Europe, the MiddleEast and Africa, Kieren McCormack, will quit unless he is given another rolewithin the bank, Bloomberg News reported Oct. 7, quoting "people withknowledge of the matter."
This adds to some high-profile departures from the bank'sglobal markets division since Tidjane Thiam took over as CEO in 2015 andintroduced cost-cutting measures. He told investors in 2015 that the primebrokerage business had an unacceptable level of profitability and capital usage.
DougalBrech, co-head of prime services for Europe, quit earlier in 2016,the report noted. More recently, Brian Chin replaced Tim O'Hara as CEO of its global markets division.