In a significant move within the banking industry, John Estrada has announced his departure from Credit Suisse, where he has been a prominent figure in the foreign exchange (FX) market. Estrada's exit comes after a series of changes following the UBS takeover of Credit Suisse earlier this year.
Estrada, who served as the global head of FX and co-head of FX at Credit Suisse for 12 years, played a pivotal role in the bank's FX division. His career included stints as an eFX trader and financial engineer at BNP Paribas (OTC:BNPQY), Sun Trading, and Lehman Brothers before joining Credit Suisse. The announcement of his departure was made today, with Estrada yet to disclose his future career plans. He is expected to host leaving drinks in two weeks, marking the end of an era for him at the bank.
The takeover by UBS, which took place in March, caused ripples throughout the financial sector, particularly with concerns about job losses in the UK. Credit Suisse had approximately 5,000 employees in London prior to the acquisition. Since then, many former Credit Suisse employees have found new roles at various firms including Instinet, Wells Fargo, TD Cowen, and RBC.
Estrada's tenure at Credit Suisse saw him hold his position during a period of staff cuts in FX salespeople and traders in November 2022. In February 2023, he was promoted to global head of FX at Credit Suisse, a move that may have postponed his eventual departure from the company.
Throughout the second and third quarters of 2023, several Credit Suisse talents secured new opportunities elsewhere. By July 2023, further reductions in senior FX personnel were made at Credit Suisse; however, Estrada remained with the company. Gregory Armon Jones from Armon Jones Partners noted that around 30 professionals had left for other banks or hedge funds during this period. Among them was Aaron Tighe who transitioned to Santander (BME:SAN).
In September 2023, Shahab Jalinoos, former global head of macro trading strategy at Credit Suisse, alongside Andrew Hopson joined UBS. Despite UBS having an established FX business, it reported a significant 37% year-over-year decline in revenues in fixed income trading due to falling rates and FX revenues.
Estrada's decision to leave marks another chapter in the ongoing reorganization within Credit Suisse as it integrates into UBS's operations. The financial community will be watching closely to see where a figure with Estrada's experience and expertise will move next within the industry.
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