LONDON, Nov 16 (IFR) - Massimo Antonelli, a director in debt capital markets coverage focused on sovereigns at Credit Suisse, has been put at risk as part the Swiss bank’s strategic review of its fixed income division, according to two market sources.
The move is part of a larger drive to cut some 2,000 mostly back office roles in London, though the bank is also looking for “a little bit of efficiency in the front office”, chief executive Tidjane Thiam told investors on October 1
Antonelli joined Credit Suisse from RBS in August 2010 to cover supranational, sovereign and agency issuers in what was a newly created role at the time.
Antonelli could not immediately be reached for comment.
SSA fixed income trader Shailen Pau was also put at risk as part of the drive, said a third source with knowledge of the matter, though he said the bank will continue to offer secondary trading of supranational and agency bonds.
The bulk of the cuts were slated for the global macro products division of the fixed income team, comprising the rates, foreign exchange, precious metals and investor products.
The bank also said at the end of October that it would give up its role as primary dealer in all European government bond markets (Reporting by Abhinav Ramnarayan, Editing by Helene Durand)