Credit Suisse lost its top investment grade credit trader in London
If you earn more than $250k and you leave Credit Suisse after receiving your bonus, you will have the cash component (which is most of it) clawed back, plus income tax. It's a punishment that's supposed to stop people there from resigning for rivals, but based on today's disappearance of a key trader, it doesn't seem to be working.
Sources say that Lefteris Kyriacou has left Credit Suisse's investment grade credit trading desk for an unknown employer. He was one of the Swiss bank's biggest producers.
Kyriacou's exit follows the disappearance of many of the bank's credit salespeople before Christmas and the resignation of high yield credit trader Gajern Kailavasan the day before bonuses were announced. Karen Miles, the head of high yield credit trading, resigned in mid-December. We understand that Basel El Asmar and Zack Atallah have also left in credit sales.
Credit Suisse declined to comment.
Credit professionals aren't the only ones in search of new homes. Will Canty-Collins, a former director in equity financing sales at Credit Suisse in London has just resurfaced as head of fund financing for Europe at the Carlyle Group.
Fixed income trading revenues fell 44% at Credit Suisse last year. They were up by a similar amount at Goldman Sachs.
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