Credit Suisse hired one of HSBC's top credit-trading execs not long before HSBC poached a whole team of traders from the Swiss bank

This post was originally published on this site
  • Credit Suisse has hired HSBC’s Truls Engebretsen as a senior credit trader.
  • Engebretsen, previously US head of IG credit, rejoins Credit Suisse after nearly 10 years away.
  • HSBC recently poached a team of IG credit traders from Credit Suisse.
  • See more stories on Insider’s business page.

Credit Suisse, which recently lost a team of investment-grade credit traders to HSBC, poached one of HSBC’s as well, hiring the bank’s US head of IG credit trading.

Truls Engebretsen resigned from HSBC in recent weeks, according to sources familiar with the matter, and will join Credit Suisse as a senior credit trader. 

It will be Engebretsen’s second tour of duty at the Swiss bank, where he worked from 2002 to 2011 before joining HSBC, according to FINRA records. 

Representatives of Credit Suisse and HSBC declined to comment. 

Credit Suisse has seen an exodus of senior personnel in its investment bank following a series of blow-ups, including the implosion of Greensill and the Archegos trading debacle.

A team of four high-grade credit traders recently left to join HSBC, including Chris Bathon, a star trader who was regularly the top producer on his desk, industry sources told Insider. Bathon joins HSBC in Engebretsen’s old role as US head of IG credit trading. 

Engebretsen represents one of the last of HSBC’s old guard credit traders. The firm has seen a raft of departures this year amid bonus cuts and a global restructuring, with at least 12 exits coming in credit trading. 

But the bank made it clear it wasn’t giving up on its debt-trading franchise in the US, recently bolstering its group with eight hires, including the Credit Suisse team and several emerging market credit traders. 

This story has been updated from its original version.