JPMorgan Chase & Co. reorganized its capital markets group, separating its debt and equity units and shuffling leadership of the groups.
Jim Casey and Andy O'Brien, who currently serve as co-heads of syndicated leveraged finance, will become co-heads of global debt capital markets, which will combine debt capital markets and syndicated leveraged finance, according to an internal memo.
Their group will also incorporate the bank's high-grade bond unit.
Casey and O'Brien will continue to be based in New York and will report to Jeff Urwin, head of global investment banking.
Credit Suisse is also reducing its head count worldwide by 3% and cutting the size of its investment banking group, although its leveraged finance group may survive the worst of the cuts.
According to a presentation published along with the bank's third-quarter financial results, it will exit its commercial mortgage-backed security origination and reduce country coverage in its Europe, Middle East and Africa group as well as reduce its long-dated unsecured trades.
Credit Suisse said it would "evolve" its leveraged finance and investment-grade credit products and expand its emerging markets coverage.
