Cerberus Taps Ex-Credit Suisse Securitized-Products Trading Head

Cerberus Capital Management LP, the $60 billion US private-equity firm, has hired Credit Suisse Group AG’s former head of trading in securitized products.

Joseph Steffa started at Cerberus in New York this week, according to people familiar with the matter. An industry veteran who joined Credit Suisse in 2013, he helped lead the Zurich-based lender’s securitized-products business until departing in May. The unit of the investment-banking division deals in securities tied to pools of mortgages and other assets.

Credit Suisse has struggled to keep senior traders and bankers from leaving as it stumbles through a series of scandals ...