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Rating:Credit Suisse Cuts 35; Two Marketers Walk Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, December 8, 2000

Credit Suisse Cuts 35; Two Marketers Walk

Reported by Tamiko Toland

Credit Suisse Asset Management has lost two executives amid of flurry of cuts resulting from its acquisition of DLJ.

Gene Podsiadlo, president of CSAM's Warburg Pincus Funds, has elected to leave the company. Podsiadlo headed retail marketing.

"He had been transitioning to pursue other opportunities outside the mutual fund industry," said CSAM spokeswoman Leslie Mayock. She did not know what field he will be moving to.

Tim Taussig, co-head of global institutional marketing, has also resigned. Mayock did not give a reason for his decision but said that he has already left the company and will be replaced.

The departures come on the heels of the evaporation of about three dozen positions.

"We've had a series of changes," said Mayock. "There were approximately thirty-five people in the company that were let go."

Vincent Bailey, director of the institutional marketing department, was included in the cuts. The bulk of the positions were in the areas of client interfacing and operations.

In the process of subsuming DLJ, CSAM has reorganized the two asset management groups into a single unit. A six-person management committee established the changes. Many of the DLJ executives have been moved into the new structure, notably Mossett Cochran, now president of CSAM Americas.

Employees in the eliminated positions were offered a severance package from CSAM and are thanked for their services in a public statement.

"They came to an amicable agreement with CSAM," said Mayock. 

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