Credit Suisse IT Manager Exodus Follows CTO Departure

Following the departure of CTO Joanne Hannaford, other former Credit Suisse IT managers are leaving UBS.

After a brief guest appearance at the new UBS, Credit Suisse's former head of IT, Joanne Hannaford, is moving to Deutsche Bank, finews.com reported earlier this week. Fears other Credit Suisse IT specialists could leave the Swiss bank appear to be coming true.

Online portal «efinancialcareers» claims to have learned that, in addition to Hannaford, five members of the investment bank's IT executive committee have also left: Alex Roigarts, Sreej Menon, Robert Nelson, Niranjan Reddy, and Steve Pegg. They're leaving at their request. UBS did not comment.

Expertise Being Lost

Roigarts, who joined Credit Suisse as a vice president in 2002, was known for building the bank's algorithmic equity trading system. According to the statement, Menon headed the credit trading syndicate's IT department in the US.

Nelson was the investment bank's chief technology architect. Reddy spent 26 years at Credit Suisse and led IB technology in Asia. Pegg was head of front-office risk technology.