Credit Suisse's global head of foreign-exchange trading is leaving the firm, marking the latest departure since its takeover by rival U
Credit Suisse’s global head of foreign-exchange trading is leaving the firm, marking the latest departure since its takeover by rival UBS Group AG.
John Estrada said he was leaving the bank in a LinkedIn post on Thursday. He spent a dozen years at the Swiss banking giant and previously held roles at BNP Paribas SA.
Estrada and a UBS spokesperson declined to comment.
UBS has been integrating its markets offerings with those of former rival Credit Suisse, which it acquired earlier this year. The company said this week that revenue from its trading business declined 15% in the third quarter compared to the same period a year ago.
The parts of Credit Suisse’s investment bank that UBS decided to keep contributed $113 million in revenue.
“Looking ahead, as the majority of the onboarding of our colleagues and positions to UBS IB systems is planned for completion by the end of the year, we expect revenues to ramp up over the course of 2024,” Todd Tuckner, UBS’s chief financial officer, said on a conference call this week.
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