Credit Suisse has parted ways with its global head of equities, Mike Paliotta, according to a memo seen by The TRADE.
Paliotta, one of the Swiss-bank’s longest serving equities traders, had led Credit Suisse’s global equities team for just a year.
His departure follows the appointment of Mike Stewart from rival UBS as head of equities at the end of last year. Stewart will succeed Paliotta in the role.
A spokesperson for Credit Suisse confirmed the contents of the memo.
“Mike’s commitment to our people and our clients has led to lasting relationships with some of the banks most important clients, helping to build the Equities franchise to its strong market position,” said Brian Chin, CEO of global markets at Credit Suisse in the memo.
Before being name global head of equities in 2016, Paliotta was global head of prime services. He also served as co-head of American equities for five years.
Credit Suisse has been shrinking its investment bank under the leadership of CEO Tidjane Thiam. Last year he announced it will focus in trading away from fixed income and towards equities, however disappointing results in equities trading revenues set back those plans.
It has since made a number of strategic hirings to boost the business. In May it hired Barclays former global head of equities sales, Mike Di Iorio, as head of EMEA equities.
According to latest research from Greenwich Associate, Credit Suisse took fifth spot in the US equity trading rankings.
Prior to his move to Credit Suisse in December, Stewart was one of the few investment bankers that took on a wealth management role at UBS, according to an article from Bloomberg.
Stewart also co-led the equities trading business at Bank of America Merrill Lynch.