Tim O'Hara (pictured), chief executive of Credit Suisse Group's global markets which houses the bank's equity derivatives and structured products business, has parted ways with the Swiss bank as the reorganisation of the global markets division to comprise an equities, a restructured credit and a solutions platform business, which includes the bank's derivative capabilities across products, continues to bite. The bank's equity derivatives and structured products business remains under the global markets umbrella which will now be headed by Brian Chin, currently co-head of credit, who replaces O'Hara as CEO of global markets. Chin will join the executive board of Credit Suisse Group.

The Swiss bank has also appointed Eric Varvel as president and CEO of Credit Suisse Holdings (USA), in addition to his current responsibilities as global head of asset management. These changes are effective immediately, said the bank in a statement.

Credit Suisse's chief executive Tidjane Thiam acknowledged O'Hara's contribution during its 10 month tenure as global markets chief for steering the division "through its recent accelerated restructuring program, returning the division to profitability in Q2 and ensuring that some of the positive momentum of the division in Q2 has continued over the summer months."

The bank's equity derivatives business remains largely intact with no changes to the existing management team led by Anthony Pesco, global head of equity derivatives and member of the global equities management committee, who is based in New York.

In Europe, Middle East & Africa (Emea), Andrea Negri, co-head of equity derivative sales Emea alongside Rolf Huijts, and James Baker, head of Emea equity derivatives retail platform, retain their roles; while in Asia-Pacific, Ivan Ho, head of Hong Kong warrants and CBBCs sales, and Brian Chan, head of equity derivatives sales, also remain in their positions, with Charles Firth, head of equity derivatives, structuring, and Lucas Kiely, head of cross market trading in Hong Kong and head of equity derivatives sales for Australia, set to depart. Daniel McNeil, who joined the bank in July 2015, continues as head of Americas equity derivatives, while the replacement for Rishabh Bhandari, formerly head of structured equity derivatives trading in New York, who left the bank in April to join Nomura, has not been announced.

The Swiss bank was the top European provider of structured products globally in 2015, excluding leverage and flow products, with a 4% market share and over €9.5bn in sales. Year to date, Credit Suisse has a 2% global market share and has sold US$5.3bn worth of structured products across jurisdictions, according to SRP data. The Swiss bank returned to the top 10 issuer ranking in Q2 2016 behind a number of tier one banks such as Citi, BNP Paribas, Vontobel, HSBC, and JP Morgan. The bank has marketed over 14,000 products globally since 2002 of which over 4,700 structures are still live.

The global markets division has been at the centre of the bank's new strategy following significant losses, and has reduced trading positions with US$346m in write-downs. Additional measures included exiting the distressed credit, European securitized products trading and long-term illiquid financing businesses and making other business reductions. The results of the sales and trading business continue to be split between Swiss Universal Bank and International Wealth Management. A portion of the corporate loan portfolio managed by the Global Markets and Investment Banking & Capital Markets divisions was also transferred to the Strategic Resolution Unit in 2Q16.

'We made substantial progress with GMAR [global markets] in 2Q16 and moved towards a more cost- and capital-efficient business with a significantly reduced risk profile,' stated the bank in its Q2 2016 results. 'During the quarter, we continued to right-size the business. Our newly restructured operating model is focused on the historically strong client franchises of Equities, Credit and Solutions.'

Credit Suisse did not return emails requesting confirmation on some of the roles in the equity derivatives team.

O'Hara joined Credit Suisse in 1988 and has held a number of senior positions, including co-head of global securities, head of the fixed income department -North America, and head of global credit products.

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