Credit Suisse cuts senior jobs in hedge fund unit

Bloomberg

Credit Suisse Group AG has been reorganising its prime brokerage unit, cutting some jobs while hiring selectively. This week, the Swiss bank pruned another seven positions from the New York desk that caters to hedge funds, according to a person familiar with the matter who requested anonymity.
Tony Bertoldo and Justin Carey are among the senior bankers who are said to be affected by the cuts, the person said. Others affected include Philippe Hatstadt and Ralane Bonn, the person said. It isn’t yet clear if the seven will leave or find another position at the bank. A spokesman for Credit Suisse declined to comment, while the people in question didn’t reply to Bloomberg requests for comment.
Prime brokers provide services such as settling trades and lending money and securities to hedge funds, and Credit Suisse’s prime unit is part of the bank’s equities division. Switzerland’s second-largest lender is in the final stretch of a three-year overhaul, upgrading its wealth-management operations, and capping capital allocation to trading-related activity.
The bank’s decision follows another series of high-profile exits from New York earlier this year, including Michael Wingertzahn, Gardy Bertho-umieux and Indrajit Bardhan, the last of whom was global head of prime brokerage.