Senior trader leaves Credit Suisse job after just 12 months

Warwick Palmer is understood to have left his trading job at Credit Suisse.

Recruiters say Palmer is no longer the Swiss bank's global head of G10 EM/FX spot, forwards and derivatives trading. Palmers' colleagues confirm his absence and his Bloomberg profile says he formerly occupied the role.

Palmer's exit comes after he was hired from Unicredit in September 2016. Prior to that, he spent around two years as global head of rates and FX structured products trading at Unicredit and eight years at Bank of America Merrill Lynch. Before joining Unicredit, Palmer reportedly spent three years out of the market.  He fortuitously quit Lehman Brothers for BAML in January 2008, before Lehman went under.

The reason for Palmer's departure from his Credit Suisse job is unclear. Neither Palmer nor Credit Suisse responded to a request to comment. His exit comes after Credit Suisse increased revenues in credit trading business by 61% year-on-year in the first half of 2017. 

Emerging markets hiring has been very active this year, with Goldman Sachs, BNP Paribas, Jefferies, and Nomura all adding staff. 

Credit Suisse's increased credit trading revenues were driven largely by its giant securitised products business. In a report out earlier this month, banking intelligence firm Coalition said emerging markets macro trading revenues fell 2% across the market in the first half of this year compared to the same period of 2016, while securitisation revenues were up 53%.

Greenwich Associates puts Citi, Barclays and Bank of America Merrill Lynch in the top three slots for emerging markets trading in North America. Credit Suisse, however, has a strong emerging markets business in London. It's not clear who will be Palmer's replacement.

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