Credit Suisse is bolstering its equities business in the US with new senior talent as it tries to grab market share from Wall Street stock trading leaders Morgan Stanley, Goldman Sachs, and JPMorgan.
Alexander Englander has joined the Swiss bank from Barclays as the head of equity sales in the Americas, according to an internal Credit Suisse memo reviewed by Business Insider.
Anthony Buoscio has joined Credit Suisse as a managing director in equity salestrading. He was hired from Bank of America Merrill Lynch, where he was a managing director in its New York salestrading unit, according to people familiar with the matter.
A Credit Suisse spokesman confirmed the contents of the memo but declined to comment further on the hires. Barclays declined to comment, and Bank of America did not immediately respond to requests for comment.
The moves add further firepower to the equities team at Credit Suisse, which has loaded up on talent in the past year. The build out also comes as banks reported record equities revenue in the first quarter, as volatility sparked and markets whipsawed back and forth on account of fears of a potential US trade war.
Mike Stewart, who was hired away from UBS last summer to run global equities, aims to make Credit Suisse a top-5 player in the business. It was seventh in equities revenues in 2017, according to Bloomberg.
“We have more than sufficient resources to be a top-five equities player,” Stewart told Bloomberg.
In addition to Stewart, the bank also made a number of other significant hires, including Michael Ebert from Bank of America as global head of equity derivatives; Doug Crofton from Bank of America as US head of equities sales and trading; and Paul Galietto, formerly of UBS, as its head of Americas equities (he also assumed the role of global head of prime services in February).
Englander is taking over the head US equity sales role from Selim Akar, who is transitioning to Europe to take on a new role as the head of sales for cash equities and prime services for the region, according to the memo, which was signed by Galietto and Eric Miller, the global head of equity sales.
“Alex and Selim will work closely together to provide world class client coverage in their respective regions,” the memo reads in part. “Alex’s hire and Selim’s new role, along with our previous hires, demonstrates our commitment to the critically important cash equities business.”
Englander was head of New York institutional equity sales and middle market sales at Barclays, where he worked for 16 years. He will start in August and report to Galietto and to Miller.
Buoscio worked at Barclays for 15 years before joining Bank of America in 2015. He will start in July and report to Greg Karcich, a managing director in Credit Suisse’s sales and trading department.
This post has been updated with additional information from an internal Credit Suisse memo reviewed by Business Insider.
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