An activist of environmental group Greenpeace is seen beside the logo of of Swiss bank Credit Suisse after unveiling a banner to protest against the financing of the Dakota-Access oil pipeline during the bank's annual shareholder meeting in Zurich, Switzerland April 28, 2017. (Photo: Reuters)
Credit Suisse Group will cut around 15 percent of its 60-strong team of rates traders in New York and London to focus on electronic trading.
“This will allow us to re-invest into our electronic platform and lean into product areas that better align to market environment and client demand,” a spokeswoman said, confirming the contents of a staff memo seen by Reuters.
The Swiss-based bank will enhance its international trading solutions service for corporate, wealth management and institutional clients and maintain its US Treasury and Swiss primary dealerships, she added.