(Bloomberg) -- Garret Jankowski, a former loans trader at Credit Suisse Group AG, joined broker-dealer Bay Crest Partners this month.
Bay Crest added Jankowski in May after he departed the Swiss bank, according to Financial Industry Regulatory Authority records. Jankowski traded debt backed by risky corporate loans, known as collateralized loan obligations, at Credit Suisse before leaving in February, a person with knowledge of the matter said at the time.
Employees of the two trading desks, which Credit Suisse Chief Executive Officer Tidjane Thiam called “ugly ducklings that no one likes,” have been leaving as the Zurich-based company cuts costs at its investment bank.
Chris Callahan, who oversaw CLO and commercial mortgage-bond trading, left last year. Former head of U.S. loan trading Barry Zamore departed in April, along with distressed-debt salesman Christopher McManus and loan salesman Matthew Belmont. Bob Franz, who runs U.S. credit trading, and distressed research and trading head Ken Hoffman are setting up an asset-management business. That follows the sale this month of Credit Suisse distressed-debt assets to a unit of private-equity firm TPG.
Drew Benson, a Credit Suisse spokesman, and Anthony Riccio, a partner at New York-based Bay Crest, declined to comment.
Bay Crest, which was formed in 1993 to trade stocks, started a fixed-income trading business in 2009, according to its website.
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