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MOVES-Credit Suisse names UBS's Galietto as head of U.S. stock trading (BAC)
By Olivia Oran
Nov 3 (Reuters) - Credit Suisse Group AG has hired Paul Galietto as head of Americas equities trading from UBS Group AG, according to an internal memo seen by Reuters, as the Swiss bank continues to hire traders from rival banks to boost its stock business.
Galietto most recently served as the head of equities Americas at UBS and also served as head of prime services within the investment bank. He previously spent over 20 years at Merrill Lynch.
A Credit Suisse spokesman confirmed the contents of the memo.
Credit Suisse has made a number of senior hires this year in its stock trading unit under new equities head Mike Stewart. Those hires include Michael Ebert who joined as global head of equity derivatives from Bank of America Corp, Doug Crofton to run U.S. equities sales and trading from Bank of America and David Bleustein as head of Americas equity research from UBS.
Under Chief Executive Officer Tidjane Thiam, Credit Suisse has cut back its footprint in some parts of trading like fixed income while focusing on ways to boost lending to wealthy clients.
Credit Suisse said on Thursday that equities revenue had risen 5 percent year over year during the third quarter. (Reporting by Olivia Oran in New York; Editing by Phil Berlowitz)
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