Credit Suisse’s head of prime product sales is joining BNP Paribas in a senior role.
James Scully is set to return to BNP Paribas in the coming months following three years at Credit Suisse. His resignation is understood to have preceded the announcement by Credit Suisse that it had struck an agreement to refer hedge fund clients to the French bank announcing the closure of its prime services division this month.
Scully spent a decade at BNP Paribas before joining Credit Suisse as head of prime product sales for APAC in 2018, and he will re-join in “a senior role” in the coming months, according to two sources.
Credit Suisse said on November 4 that it will close down its prime services business after it was responsible for Sfr5.5bn of losses related to the collapse of Archegos Capital Management. The decision, which is part of a wider revamp of Credit Suisse’s investment bank, will affect “a couple of hundred” staff globally, according to one source.
According to the agreement on November 8, "Credit Suisse will support affected customers as they select alternative Prime Services providers of their choice,"
In 2019, BNPP took over Deutsche Bank’s prime brokerage and electronic trading units.
Credit Suisse did not respond to requests for comment.
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