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Credit Suisse scales back rates team in electronic trade push

Published 05/31/2018, 11:56 AM
Updated 05/31/2018, 12:00 PM
© Reuters. An activist of environmental group Greenpeace is seen beside the logo of of Swiss bank Credit Suisse in Zurich
CSGN
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ZURICH (Reuters) - Credit Suisse (SIX:CSGN) 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.

© Reuters. An activist of environmental group Greenpeace is seen beside the logo of of Swiss bank Credit Suisse in Zurich

The Swiss-based bank will enhance its international trading solutions service for corporate, wealth management and institutional clients and maintain its U.S. Treasury and Swiss primary dealerships, she added.

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