Kareem Serageldin, the ex-global head of Credit Suisse’s CDO business charged in a bonus-boosting fraud tied to a $5.35 billion trading book, plans to fight extradition to the U.S. until he reaches a plea deal. Serageldin’s lawyer told a London court yesterday that his client’s arrest this week outside the U.S. Embassy was a result of “miscommunication.” Ben Brandon said Serageldin was negotiating a plea bargain with U.S. prosecutors before the arrest. He was released on a 150,000-pound security ($243,000) until a Nov. 28 court hearing. [Bloomberg]
Layoffs Watch '15: Credit Suisse Tells Fixed Income Traders To Pack Up Their Things
Traders in London were asked to clean out their desks today.