The reorganization of Credit Suisse under its new CEO has claimed another scalp: a British top manager known for her ruthless cost-cutting plans has announced her departure to pursue other interests as research by finews.ch revealed.

Kirsty Roth (pictured) joined Credit Suisse (CS) in the autumn of 2011 and assumed the role of chief operating officer at the finance, operations and IT division. The Brit quickly earned herself the reputation as master of efficiency and cost-cutter, depending on who you asked.

The reputation of Roth takes reference to the Zeitgeist, when cost cuts were accepted and executed as part of the industrialization of banking. CS wasn't the only bank with such a program, big sister UBS had one too, led by Eros Fregonas – who incidentally has left his employer too.

Cost Cutting Program

Industrialization meant that procedures were simplified and made more efficient, and units moved to places with lower costs, thus the relocation of human resources to Poland.

Roth saw the biggest potential for cost savings and efficiency gains at the IT department. She is on record claiming that just by shortening the storage period of data, money could be saved.

She didn't win many friends with her approach among CS employees – nobody does with this type of program. Her approach was frank and direct and she wasn't shy of taking decisions.

Management Changes

The departure of Roth is probably linked with the restructuring at the bank, which culminated in the recent presentation of the new strategy by CEO Tidjane Thiam. The industrialization process, with which Roth was closely identified, has been moved out of the limelight.

Thiam divided up the unit which included operations, IT and finances and David Mathers, who was in charge of the super division, was thrown back to the role of CFO. IT, operations and real estate are led by Pierre-Olivier Bouée, chief operating officer at group level.

Roth's departure, which was confirmed by CS, is to be seen in this context. Roth is leaving to pursue other interests is what the bank said in its statement to finews.ch