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A Credit Suisse credit trader quit while the boss was visiting

Credit Suisse bonuses haven't been paid disclosed or paid yet, but as we noted yesterday, this doesn't seem to be discouraging some people from leaving the Swiss bank.

Following the exits of Michael McCormick, the London-based head of debt capital markets (DCM) advisory, and Shanx Tandon, the head of EMEA financials DCM syndicate for Bank of Montreal yesterday, sources at the bank say that Alessandro Pelleriti, a credit trader, has resigned today.

Pelleriti had been at CS in London since 2017, when he moved to the City from MPS Capital Services in Siena. It's not clear where he's going next.

Pelleriti's exit is understood to coincide with another visit from Joel Kent, the global head of credit products, whose visits to London are perceived to relate to attempts to boost morale.

Last year, numerous members of Credit Suisse's credit sales and trading team quit, including Karen Miles, the EMEA head of high yield trading, who left in December. Many are thought to have gone to Deutsche Bank.

Credit Suisse has indicated that bonuses this year are likely to be down. A proportion will also be paid in cash that can be reclaimed, plus tax paid, if recipients leave within three years.

Credit Suisse declined to comment.

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AUTHORSarah Butcher Global Editor

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