(Corrects Eraj Shirvani’s role to EMEA head in 4th para)
LONDON, Jan 10 (Reuters) - The co-head of Credit Suisse’s trading unit in EMEA is leaving the bank, it said in a memo to staff seen by Reuters, the latest management change in the division behind $1 billion in trading losses that came to light last year.
Stephen Dainton had led Credit Suisse’s global markets equities business in Britain and EMEA since 2005 and had been co-head of global markets in EMEA since last March, the bank said in the memo.
A Credit Suisse spokeswoman confirmed the contents of the memo.
Eraj Shirvani will become the interim head for global markets in EMEA while remaining head of global markets solutions.
“Stephen’s responsibilities for managing the EMEA GM Equities platform will be assumed by three of his key direct reports, with immediate effect: Nas Al-Khudairi, Steve East and Jeff Jennings,” the bank wrote.
The bank is currently looking to hire a replacement for Dainton.
Credit Suisse has cut more than 1,000 jobs in global markets as part of a major restructuring by group Chief Executive Tidjane Thiam.
The division also oversaw around $1 billion in trading write-downs at the end of 2015 and the start of 2016. Thiam has said he and other senior bank officials were unaware of the size of the positions behind the write-downs.
The head of global markets Timothy O‘Hara stepped down in September, just over 10 months into the job and was replaced by Brian Chin.
News of Dainton’s departure was reported earlier by Bloomberg. (Reporting by Anjuli Davies; Writing by Joshua Franklin; Editing by Hugh Lawson)