The Review — 05/12/2017 at 10:00

Credit Suisse’s guide to all the different jobs in equities and credit trading



If you’re a student who’s thinking of working in a markets job in an investment bank, you can be forgiven for feeling confused about your options. Firstly, do you want to work in equities or fixed income sales and trading? Secondly, how do all the different products (managed by different “desks”) fit together?

Last week’s global markets investor day presentation from Credit Suisse went some way to answering the latter question. While it didn’t solve the equities/fixed income dilemma, the charts below provide a helpful beginner’s guide to the various equities and credit products on offer, and how they’re grouped into different business areas. If you’re a student looking for a quick primer on all the different trading desks, they should be invaluable.

The Credit Suisse guide to equities trading jobs

The chart below shows Credit Suisse’s segmentation of business areas (and therefore jobs) in its equities business.

If you work in cash equities at Credit Suisse, you could work in: origination and capital markets (ie. equity capital markets, raising money for clients looking to issue new stock), in “high touch trading” (advising large and important clients on particular trades), in program trading (trading whole baskets of stock as so-called “block trades”), or in electronic trading (using electronic systems to execute trades automatically).

If you work in “prime”, providing special financing and trading services to hedge funds, you could find yourself working in: margin financing and securities lending (providing financing to hedge funds buying securities or lending securities to hedge funds, often so that they can place short trades), constructing index products, or clearing and executing trades.

If you work in research, you could be an equity researcher who covers single stocks (ie. individual companies), someone who suggests equities investment strategies across whole markets and industries, or you could work on Credit Suisse’s bespoke Holt stock database.

Similarly, you could originate or trade convertible bonds, or you could work on flow equity derivatives that are traded on exchanges, or more complex equity derivatives that are structured for particular corporate or ultra high net worth (UHNW) clients.


The Credit Suisse guide to credit trading jobs

While the wheel above describes Credit Suisse’s categorization of equities trading jobs, the wheel below shows the Swiss bank’s categorization of its credit trading roles.

On the left are all jobs relating to Credit Suisse’s huge securitized products division – including finding assets to finance, helping clients finance growth through securitization, trading standardized securitized products issued by U.S. government agencies like Fannie Mae and Freddie Mac, or trading private label securitized products issued by non-government clients.



Leave a Reply

— required *

— required *