Bob Jain, head of equities at Credit Suisse Group AG, will be heading to New York to helm in-house hedge funds, say sources, and Timothy O’Hara will take his place.
Bloomberg reported Monday that Jain is said to be stepping down from running the equities business after almost four years, and heading to New York, where he will preside over in-house hedge funds in the money-management division. Jain formerly headed the bank’s proprietary trading business—an activity forbidden to U.S. banks by the Volcker Rule as part of the Dodd-Frank Act.
O’Hara, a former head of the Americas fixed-income department, will step in, but will retain the title of co-head of global securities, which he received in July 2011 with Jain and London-based Gael de Boissard, the latter of whom heads the fixed income business.
The bank’s equities business revenues, including stock trading, could fall for the third year in a row in the economic-crisis atmosphere of Europe that has hurt growth and driven down transaction volumes. Revenue for the first nine months ending in September totaled 3.59 billion francs ($3.8 billion); that’s down 4.5% from the same period last year.