LONDON — Credit Suisse AG said Thursday it will merge its global foreign exchange and emerging markets fixed-income businesses from the start of 2012.
Credit Suisse said the creation of a combined global currencies and emerging markets group is in response to client demand for a 'one-stop-shop' offering, now that 45% of all foreign-exchange revenues are from emerging markets.
The new group will be led by current emerging markets and foreign-exchange business global heads Chris Corson and Todd Sandoz. Both are based in London.
Mike Hodgson, the current head of emerging markets, will be going on a sabbatical until September 2012, while Martin Weidmann, head of global foreign exchange sales, will be leaving the bank to pursue other interests, Credit Suisse said.
The Swiss bank earlier in the year announced that up to 7% of the investment bank headcount would have to be trimmed but a bank spokesman declined to comment on whether other staff across Credit Suisse's currencies and the emerging markets businesses would be affected.
The foreign exchange and emerging market merger isn't the only structural change seen within the bank this week. In an internal memo, Credit Suisse announced plans to integrate the operational functions of its private and investment banking divisions into a new global business as part of its broader cost-reduction drive.
