Magazine article American Banker

Credit Suisse to Keep Expanding N.Y.-Based Trading Operations

Magazine article American Banker

Credit Suisse to Keep Expanding N.Y.-Based Trading Operations

Article excerpt

NEW YORK - Credit Suisse plans to move ahead with a major buildup of its New Yorkbased trading operations, ofricials of the bank said Friday.

Moez A. Jamal, who recently arrived as group executive for treasury operations, estimated Credit Suisse has increased its New York @tradijig staff by as much as 30% over the last two years and is still adding people, mainly in the sales department.

Looking to Bufld Capabilities,

Officials added that regionally oriented trading operations with Latin America are also slated for

expansion. The bank already does a fair amount of trading in precious metals with Latin America and is looking to build capabilities in South America," Mr. Jamal said.

Like other big foreign banks, Credit Suisse is investing heavily in developing its worldwide trading capabilities.

That inveitment has paid off handsomely so far. The bank's gross worldwide trading revenues last year reached $1.1 billion, up from $870 million in 1991 and $146 million in 1990.

Results for the first half this year are even more spectacular. The bank reported that trading income from securities, foreign exchange, precious metals, and foreign bank notes and interest instruments shot up to $570 million, an increase. of 77% over the first half of 1992.

With around 70 traders, Credit Suisse has one of the largest such operations among foreign banks in the United States.

The bank trades spot and forward foreign exchange, precious metals, and options on currencies and short-term interest rates, and is a major player in the interbank foreign market and a market maker in global foreign-exchange options.

Dramatic Increase in Volume

Mr. Jamal declined to disclose the bank's daily volume in foreign exchange and other items, but acknowledged that volume has increased dramatically."

"We're growing right across the board," he added. …

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