(Adds another role being put at risk in London)
By Abhinav Ramnarayan
LONDON, Nov 17 (IFR) - Credit Suisse is reviewing senior positions in its global macro products team across its London and New York offices as part of a strategic review of its fixed income division, according to market sources.
Initially thought to be a London-focused review, it has now emerged that the sales division in the US has also been affected.
Ivan Hrazdira, managing director, and Mark Grilli, director, both from the global macro products team in New York, have been laid off, according to a source familiar with the matter.
Credit Suisse New York declined to comment.
Earlier it emerged that the bank was reconsidering senior London roles. Massimo Antonelli, a director in debt capital markets coverage focused on sovereigns, Julie Edinburgh, a managing director and head of medium-term notes (MTNs), and Shailen Pau, a sovereign, supranational and agency fixed income trader, were put at risk.
Pooja Goenka, a director on the MTNs team in London, has also been put at risk.
The changes in London are part of a larger drive to cut some 2,000 mostly back office roles, though the bank is also looking for “a little bit of efficiency in the front office”, chief executive Tidjane Thiam told investors on October 1.
The bulk of the cuts were slated for the global macro products division of the fixed income team, comprising the rates, foreign exchange, precious metals and investor products.
Antonelli joined Credit Suisse from RBS in August 2010 to cover SSA issuers in what was a newly-created role at the time.
Antonelli could not immediately be reached for comment.
Edinburgh has been at Credit Suisse for 18 years, while Goenka has worked for the bank for 11 years, according to their LinkedIn profiles. Goenka could not immediately be reached for comment. The bank is planning to retain an MTN market capability, sources said.
The bank also said at the end of October that it would give up its role as primary dealer in all European government bond markets.
A source with knowledge of the matter, said the bank will continue to offer secondary trading of supranational and agency bonds. (Reporting by Abhinav Ramnarayan, editing by Helene Durand)