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Credit Suisse Hires New Equities-Trading Head
Financial News | Dec 15
Michael Stewart will join the Credit Suisse to run equities in its global markets business, the core of its trading operation, according to a memo reviewed by The Wall Street Journal. He currently sits at the intersection of UBS’s massive wealth management franchise and its securities division, helping to bring the type of institutional level trading to wealth clients. Stewart previously oversaw global equities at UBS and before that at Bank of America. That experience squares with Credit Suisse’s goal of building an investment bank around its roster of global wealth management clients. The restructuring of the bank under chief executive Tidjane Thiam prioritises trading, advisory and underwriting that can be sold to the ultrarich world-wide, and has been cutting parts of its business that don’t fit.
At Goldman, Top Departure Opens a Door for the Next Generation
NY Times | Dec 14
Goldman Sachs promoted a new generation of leaders on Wednesday, as Gary D. Cohn, its longtime No. 2 executive, leaves the Wall Street bank to join President-elect Donald J. Trump’s incoming administration. In replacing Mr. Cohn as president and chief operating officer, Goldman turned to two senior executives, David M. Solomon and Harvey M. Schwartz. They will share both jobs as co-heads, the first time in seven years that Goldman has had that structure for its second-in-command. And it picked R. Martin Chavez, its chief information officer, to succeed Mr. Schwartz as the firm’s chief financial officer in April. Mr. Chavez, who will serve as deputy chief financial officer until then, will be one of the highest-ranking Latino and gay executives on Wall Street.