Credit Suisse replaces head of global markets

Zurich

CREDIT Suisse Group AG's Timothy O'Hara is leaving after 10 months running the bank's largest division and will be replaced by a deputy who leads the trading unit that blindsided chief executive officer Tidjane Thiam with losses earlier this year.

Brian Chin, a 39-year-old based in New York, will take over the global markets unit, becoming one of 11 managers on Mr Thiam's executive board, the Zurich-based bank said in a statement.

Mr O'Hara, 52, is leaving after 30 years at the bank, the final months as the CEO of a new division created when Mr Thiam split the investment bank in a strategic overhaul.

The stock rose 1.6 per cent in Zurich trading on Wednesday.

Mr Thiam accelerated cuts to the trading unit's costs and jobs in March after the credit business that Mr Chin helped lead contributed to more than US$1 billion of losses …