LONDON, Sept 7 (IFR) - Tim O'Hara has been replaced as head
of global markets at Credit Suisse, less than a year after being
appointed to the position by the bank's new chief executive
O'Hara was appointed when Thiam unveiled his restructuring
plan last October, and since then the execution of the plan on
the markets side has been disappointing. The group was forced to
reveal larger than expected losses of US$1bn in March, related
to winding down certain distressed credit positions, calling
into question why they had not been flagged earlier.
Brian Chin, Credit Suisse's former head of structured credit
who was made co-head of credit with David Miller in March, will
take over from O'Hara as CEO of global markets with immediate
effect. He will also join the group's executive board.
O'Hara was a former head of equities. Chin's fixed income
background will bolster management of this business, which has
traditionally been larger for the bank. Nevertheless he was
responsible for the area where the surprise losses were
identified earlier this year.
Thiam called Chin "one of our strongest risk managers" and
"an exceptional leader and culture carrier for the firm".
Thiam thanked O'Hara for his work in the "accelerated
restructuring" saying that "some of the positive momentum of the
division in Q2 has continued over the summer months."
Credit Suisse also said Eric Varvel, a former head of the
investment bank, has been made president and CEO of the group's
US intermediate holding company Credit Suisse Holdings (USA). He
remains global head of asset management, his role since June 1.
Robert Shafir, former chairman of the Americas for Credit
Suisse, left the bank in July. Varvel was on the executive board
for six years until last October, when he was made chairman of
the Asia-Pacific and Middle East regions, but based in New York.
In May Credit Suisse appointed US credit trading head Bob
Franz and head of distressed research and trading Ken Hoffman to
form a new asset management firm to help manage down the
distressed asset portfolio that had caused the problems earlier
in the year.
At the start of the year former head of fixed income and
co-head of the investment bank Gael de Boissard left the group.
He had been co-head with O'Hara and Jim Amine, veteran leveraged
finance banker. Now only Amine remains.
(Reporting by Christopher Spink; Editing by Steve Slater)