The 14 months since Hannaford's appointment have seen several senior ex-Goldmanites join Credit Suisse's technology team. What does this mean for all the senior technologists Credit Suisse hired from Goldman Sachs? CS spent much of the past year adding technologists following its appointment of former GS head of EMEA tech, Joanne Hannaford as chief technology and operations officer last January.
Credit Suisse's press release states that, "For the purpose of a seamless integration," UBS will "appoint key personnel to Credit Suisse as soon as legally possible." A reminder: Credit Suisse's top tech people now come from Goldman UBS staff are likely to assume the main roles. If you factor in significant cultural differences between the banks, (UBS has spent years implementing Agile across their bank, Credit Suisse, not so much) the merger has the potential to get messy. In electronic trading, for example, staff were migrated over to the Merill infrastructure but opted for BofA's execution management system over Merill's X-Trade. Nor was it always the case that BofA's systems were dominant. Bank of America's acquisition of Merrill Lynch, for example, led to years of work meshing the two banks together.
It's not entirely clear whether UBS plans to go down the long and windy road to systems integration or to simply silo Credit Suisse's markets business in a bad bank and be done with it, but any amount of integrating technology systems is challenge. As UBS and Credit Suisse spend until the end of the year on their merger/acquisition (depends on who you ask), the people running their computer systems are in for a tough time. It's an interesting time right now in banking to say the absolute least.
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