- REUTERS/Ruben Sprich
Credit Suisse has been firing staff in New York over the past few weeks.
Guy Cirillo, a veteran trading executive at Credit Suisse known for his expertise in electronic trading, is among those to have left the Swiss bank, according to people familiar with the matter.
Cirillo was most recently the global head of business development for electronic products. He left this week.
Cirillo is a big name in electronic trading. He is at least partly famous for organizing a Miami conference that’s featured in Scott Patterson’s book “Dark Pools: The Rise of the Machine Traders and the Rigging of the US Stock Market.” He was also one of the key executives behind Credit Suisse’s Advanced Execution Services business.
The latest job cuts are part of part of an ongoing downsizing at Credit Suisse’s investment bank. The bank laid out plans in October 2015 to cut thousands of jobs, and then said in March it would cut deeper still.
The markets business, which houses fixed income and equities and has been a source of pain for many Wall Street banks, has been a particular focus. That unit generated a $23 million loss in the second quarter.
There have also been changes at the top of the markets business, with Brian Chin succeeding Timothy O’Hara as chief executive of global markets. Earlier in the year, the bank named Mike Paliotta to run the equities business globally, while Steven Garnett, who had been cohead of equities in the Americas, retired.
- Credit Suisse