Jan. 7 (Bloomberg) — Steve Oplinger, co-head of U.S. high- yield sales for Credit Suisse Group AG, left Switzerland’s second-biggest bank amid a disagreement over his group’s compensation, two people briefed on the matter said.
Oplinger departed today following a dispute with top management over his team’s alloted bonus pool, according to the people, who asked not to be identified because the departure wasn’t made public. Jason Safriet, his co-head, will run the group, according to another person. Oplinger declined to comment when reached by phone. Drew Benson, a spokesman for the Zurich- based bank, declined to comment on Oplinger’s departure.
Credit Suisse has shrunk the amount of capital put toward credit trading as it seeks to improve returns. Risk-weighted assets in that business were $18 billion as of Sept. 30, down 22 per cent from a year earlier. Still, the firm produced $1.27 billion in revenue from credit trading in the first nine months of 2012, almost double that of a year earlier.
Credit Suisse hasn’t publicly announced the size or composition of its 2012 bonus pool. The lender cut its 2011 pool by 41 per cent and awarded a portion of pay for more than 6,000 senior bankers in bonds backed by derivatives that will pay out over several years.
Oplinger, a managing director at Credit Suisse, earlier worked at Donaldson, Lufkin & Jenrette Securities Corp., according to records with the Financial Industry Regulatory Authority. That firm was acquired by Credit Suisse in 2000. Oplinger graduated from Lafayette College in Easton, Pennsylvania, where he played football, according to the school’s athletics website.
–Editors: Steven Crabill, Dan Reichl
To contact the reporters on this story: Michael J. Moore in New York at [email protected]; Stephanie Ruhle in New York at [email protected]; Lisa Abramowicz in New York at [email protected]
To contact the editor responsible for this story: David Scheer at [email protected]