ZURICH (Reuters) - Credit Suisse (SIX:CSGN) has appointed Neil Hosie as sole head of its global equities division, the Swiss bank said on Friday, in a reshuffle of the business.
Hosie, who has been with Credit Suisse since 2017, was most recently co-head of global equities alongside Doug Crofton who is leaving the bank, an internal memo, seen by Reuters, said.
Crofton joined Credit Suisse in 2017 as head of cash equities trading and sales in the United States. He was named global co-head of cash equities in November.
Hosie will be based in London and starts his new role immediately.
The bank's revenues from trading equities dropped by 95% in the fourth quarter to 18 million Swiss francs. In comparison, five major U.S. banks reported a drop of 10% in the same period, based on data compiled by Reuters.
At group level, the Swiss bank last week reported its biggest annual loss since the financial crisis.
The equities business has been going through a major restructuring after Credit Suisse was hit with losses in relation to the collapse of U.S. investment firm Archegos in 2021.
The bank has exited its prime services business that caters to hedge funds. In its strategy revamp in October, the bank said it aims to "align and streamline" markets desks, including equities, to better serve its wealth management unit and CS First Boston, the standalone investment bank it aims to create.