Bloomberg

(Bloomberg) -- Credit Suisse Group AG’s trading chief Brian Chin moved to establish his management team, naming David Miller as global head of credit and Jay Kim to run securitized products.

Both Miller and Kim will join the global markets management committee, Chin wrote in a memo to staff Monday. Miller will report to Chin and oversee Kim, according to the memo, whose contents were confirmed by Nicole Sharp, a spokeswoman for the Zurich-based company. Reuters reported the moves earlier Monday.

Miller “was most recently co-head of credit and has successfully led the global credit products business for the past three years,” according to the memo. “He is well placed to continue to drive the business forward.”

The appointments are among Chin’s first since Chief Executive Officer Tidjane Thiam promoted him last week to head the global markets unit, supplanting Timothy O’Hara. Thiam, 54, announced two restructuring plans since taking over in July 2015, eliminating thousands of jobs and risky investments to shift away from securities trading. Still, losses at the global markets unit have frustrated his efforts.

The bank also created a new role for Jim Buccola, who will serve as head of securitized-products trading, reporting to Kim, according to the memo. Buccola most recently headed private-label trading.

To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net. To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net, Dan Kraut

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