Credit Suisse’s CEO of global markets and one of its longest serving traders, Tim O’Hara, has left as the fallout of the Swiss bank’s restructuring scheme continues to impact its key businesses.
O’Hara, who had worked at the bank for 30 years, had only held the role of CEO of global markets for 10 months.
Prior to his promotion in October last year, O’Hara previously served as head of investment banking for equities, and global head of equities.
He has been replaced by Brian Chin, co-head of credit, with immediate effect. Chin will also join Credit Suisse’s executive board.
Eric Varvel, global head of asset management, will also take over O’Hara’s role as president and CEO of its US business, Credit Suisse Holdings (US), the bank said in a statement.
Credit Suisse’s CEO Tidjane Thiam, who has been responsible for implementing the bank’s radical restructuring, said in the statement: “I am especially thankful to Tim for steering Global Markets through its recent accelerated restructuring programme.”
The global markets unit has been at the centre of its restructuring in the face of massive losses, reducing its riskiest trading positions with $346 million in write-downs.