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Credit Suisse launches global credit business

Financial newsCredit Suisse has combined its leveraged finance and investment grade businesses under a new group called the global credit business unit as part of its plan to align businesses across its global securities division.

Timothy O'Hara, formerly co-head of global leveraged finance, is to lead the new unit reporting to Mike Ryan, global head of the securities division, and Steve Kantor, who oversees leveraged finance globally.

The move comes a month after Credit Suisse promoted Jim Amine, formerly co-head of leveraged finance with O'Hara, to run its global capital markets and financing business, called global markets solutions. Amine also gained joint oversight of the investment banking division.

Amine, who is based in London, was head of European leveraged finance in addition to being co-head of the business globally. As part of the new reshuffle, David Slade, head of the European syndicated loan group, succeeds Amine as head of leveraged finance in the region. Slade reports to O'Hara.

Under the new unit, Credit Suisse said Tom Mercein, formerly head of high debt capital markets for the Americas, will take on responsibility for leading the investment grade business. He will also co-head credit sales with Steve Oplinger, according to the memo. Both Mercein and Oplinger will report jointly to OHara and Tony Ehinger, global head of equities.

In addition, Steve Feinberg, head of investment grade trading, will report to Phil DeSantis who is to run public sector trading in the Americas across the integrated credit business. The memo said Rob Kay, the bank's head of Americas syndicate, will report to Mercein.

Furthermore, Tom Newberry, head of the global syndicated loan group, has been handed greater responsibility as head of global leveraged finance underwriting. David Miller will assume a newly created position overseeing the syndication and portfolio management of existing leveraged finance underwriting commitments. He reports directly to O'Hara.

For Europe, Eraj Shirvani, head of credit trading and sales, is to oversee public side trading and will coordinate with DeSantis on global trading strategies and risk management. Shirvani will also oversee European credit sales and high-grade syndicate with Ehinger. Shirvani reports to O'Hara.

In the memo, Ryan and Kantor said: "By combining these efforts, we will leverage our strengths in origination, sales and trading and we will add to our secondary market risk profile and expand out derivatives expertise across the credit cluster, positioning us to remain the clear leader in the global credit businesses."

Last month, Credit Suisse said it had transferred Don Pollard, formerly global head of leveraged finance with Amine and O'Hara, to its alternative investments division to head the newly created "credit vertical" business. Amine was named co-head of investment banking. O'Hara will join the global securities operating committee under his new position.

Source: Financial News Online
Date: 13.03.2008 [170]

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