UBS's Credit Suisse tech exodus after CTO departure
Fears that Credit Suisse tech people would find themselves unwanted at UBS were a step closer to realization this week, when it became apparent that the bank's CTO, ex-Goldman Partner Joanne Hannaford was leaving Deutsche Bank. In fact, it seems that Hannaford is just one of many senior Credit Suisse technologists to depart from UBS. And they're allegedly leaving of their own volition.
UBS isn't commenting, but sources at the bank say that five members of the investment bank's IT leadership committee have gone as well as Hannaford: Alex Roigarts, Sreej Menon, Robert Nelson, Niranjan Reddy and Steve Pegg.
Roigarts, who joined as a VP in 2002 was known for building the bank's well valued equity algorithmic trading system. Menon was the credit trading syndicate's US head of IT.
Nelson was the investment bank's chief technology architect. Reddy was a 26-year veteran of Credit Suisse running its Asia IB technology. Pegg was head of front office risk technology. Pegg has already found a new job at quant fund Qube Technologies.
Whether they left by choice or by force, their absence will be felt by all Credit Suisse developers and engineers, and by their new UBS colleagues who will need to decipher the bank's systems without them.
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