Benoit Rauly, formerly global head of complex equity and hybrid trading at UBS in London, has joined Credit Suisse in a managing director role at the bank's equities business in the London-based Investment Banking Division.

Rauly will report to Eraj Shirvani, global head of solutions at the Swiss bank's investment banking division in London. Shirvani who is a member of the bank's Europe, Middle East & Africa (Emea) operating committee, fixed income division operating committee and co-chairs the global derivatives committee, and is also a board member for the International Swaps and Derivatives Association (Isda), was promoted last year from his role as head of fixed income for Emea and head of the European credit business, as part of the bank's equities business shake up.

A spokesperson at Credit Suisse confirmed his appointment and that he will be responsible for developing investor products with a specific focus on the equity derivatives market. Rauly's arrival coincides with the latest casualty of Credit Suisse's restructuring of its equity derivatives division, Giuliano Cislaghi, an MD within the bank's equities trading business, who parted ways with the bank last week. Cislaghi joined the Swiss bank in 2008 alongside a team of senior Lehman Brothers equity derivatives sales staffers including Andrea Negri and Daniel Lopez Galan who is now an executive director for structured products sales for Spain at Leonteq.

Walter Rotondo, who was most recently co-head of retail and flow equity sales alongside Negri who was also head of equity derivatives sales, Emea solutions, at Credit Suisse in London, has also departed.

Rauly joined UBS Investment Bank in 2007 as co-head, fund derivatives trading. The appointment follows the hire of Mike Stewart (pictured) who joined Credit Suisse in mid-December as head of equities. Stewart was global head of investment products and services (IPS) at UBS and prior to that co-head of global equities until September 2014 when he was replaced by Roger Naylor who in turn left UBS in September 2016 when the bank decided to give the full equities portfolio of responsibilities to Rob Karofsky.

Stewart will join Credit Suisse in New York in June, replacing Mike Paliotta. He will report to Brian Chin, who became head of global markets, the bank's trading unit, in September 2016. Stewart and Rauly now are now the two more senior executives at Credit Suisse's equities business.

Stewart held similar positions at Merrill Lynch in New York and London including global co-head of equities at BofA Merrill Lynch and managing director of global cash equity trading at Merrill Lynch & where he was responsible for the firm's cash equity, client connectivity and portfolio trading activities worldwide, as well as oversight of the consolidated risk management and technology development surrounding these initiatives. Previously, Stewart served as the head of Merrill Lynch global portfolio and automated trading group. Before joining Merrill Lynch in 2002, Stewart was the head of electronic and portfolio trading at Schwab Capital Markets. Prior to joining Schwab, Stewart worked for Barclays Global Investors in a variety of trading roles, ultimately heading the equity trading division there.

Chief executive Officer Tidjane Thiam has been reorganising the Credit Suisse's investment banking operations shifting the focus in trading from fixed income to equities and increasing its emphasis on wealth management. Credit Suisse is implementing a plan to reduce costs by over CHF4bn (€3.6m) by 2018, in part through a reduction in the duplication of roles by the removal of co-heads. The bank stated recently that equities remain integral to its business model and stated that the restructuring in its global markets division was over after strengthening its 'position as a leading private bank and wealth manager, with strong investment banking capabilities'.

Related stories:
Credit Suisse wields axe in equity derivatives

CS global markets chief leaves in latest restructuring, equity derivatives unscathed

Credit Suisse consolidates equities and fixed income in Apac