Credit trader quits Credit Suisse for Barclays

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Credit trader quits Credit Suisse for Barclays

As we reported yesterday, rival banks are lining up to raid Credit Suisse talent after bonuses were paid.

Kru Patel, a director in corporate bond trading at the bank is leaving for Barclays. 

Patel spent nearly nine years at Credit Suisse after joining from Commerzbank, where he spent nearly 8 years.

His exit follows a succession of other senior departures from Credit Suisse's trading business, including Basil Eggenschwyler, Credit Suisse's EMEA head of credit trading and sector strategy, in January 2022, Hamza Lemssouguer in 2020 and David Goldenberg in October 2021. Goldenberg, who was head of U.S. credit derivative trading at Credit Suisse, is now global head of macro credit trading at Barclays.

As a director in the trading business, Patel will have received a cash bonus that is clawed back (plus tax paid) if he leaves within three years of receiving it. This doesn't seem to have prevented his almost immediate exit. 

Credit Suisse declined to comment.

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