(Bloomberg) -- Risk arbitrage traders Simon Scott and Andy Martin have left Citigroup Inc. for Credit Suisse Group AG, according to people familiar with the matter.
Both men will be joining Credit Suisse in London as directors on the equities team following gardening leave, said one of the people, who declined to be identified speaking on a corporate matter. Scott will be an event sales trader and Martin, a trader, according to one of the people. Neither Scott nor Martin responded to calls or messages to their mobile phones.
Many lenders in Europe have been restructuring, spurring departures of top talent and some clients. Pressure to cut costs is heightened as interest rates remain negative, hurting profitability. Credit Suisse lost the most market share in equities trading last year, dropping to No. 10 from seven a year earlier.
To contact the reporters on this story: Ksenia Galouchko in London at kgalouchko1@bloomberg.net;Gaurav Panchal in London at gpanchal2@bloomberg.net
To contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Celeste Perri, Jon Menon
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