Credit Suisse trader who left in March only just joined JPMorgan
Credit Suisse people have been leaving the bank for a long time. But that doesn’t mean they’re itching to jump onto the next stages of their careers.
Take Benjamin Ney Davoud, for instance. He left Credit Suisse back in early March – over four months ago – but has only just now resurfaced, at JPMorgan. Having left CS after 13 years in London and as a director in the Benelux credit sales team at Credit Suisse, he’s now an executive director with JPMorgan’s Paris team. The intervening six months have presumably been spent on gardening leave.
He’s not the only Credit Suisse person with a new job. In New York, Mandy Xu left Credit Suisse, also after 13 years, as a managing director and head of the bank’s equity derivatives strategy. She’s now head of derivatives of market intelligence for Cboe global markets, the company that operates the Chicago board operations exchange (CBOE) and, by extension, the most popular volatility index in the world – VIX.
It might not come as much surprise. UBS intends to cut half of Credit Suisse’s people before the end of the year, and the sales & trading team appears to be among the first on the chopping block. The last time UBS gutted a trading team – the fixed income team, back in 2012 – it simply blocked access to the building. Quitting, even way ahead of the obligatory notice period, definitely seems like one way to avoid that.
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