Credit Suisse has poached a managing director from Goldman Sachs in Hong as it continues the overhaul of its risk and operations departments
Krishnan P. Sankaran has joined the Swiss bank as head of risk technology in London after relocating from Hong Kong.
It’s another significant hire for Credit Suisse, which is overhauling its technology and risk functions after a series of high-profile losses.
Sankaran will be reunited with a group of former colleagues including Joanne Hannaford who joined from Goldman in January as chief technology and operations officer. Hannaford is committed to making the bank more agile and speeding the deployment of code.
Sankaran started at Credit Suisse this month after a second stint at Goldman that lasted just over a year. He originally left Goldman in 2016 when he joined JPMorgan in Hong Kong as Asia head of GIM Technology. Sankaran has a background in trading technology, but has also spent time working on data, AI and technology in the back office.
Sankaran’s willingness to move suggests Hannaford might be tapping her old colleagues. It also suggests that in technology at least, Credit Suisse’s ability to attract talent from Goldman has survived the departure of Antonio Horta-Osorio, who quit as chairman after less than a year in charge for breaching Covid regulations.
Last year, the bank booked a loss of US$5.5bn and closed the bulk of its prime brokerage business following the collapse of one of its clients, Archegos Capital Management, the family office of Bill Hwang.
Credit Suisse has kept two smaller parts of the prime services – Index Access and APAC Delta One following the restructuring.
Following an internal review of the Archegos collapse last year, the bank admitted that weak risk management contributed to the debacle following a 40% decrease in managing directors working in the risk function.
Credit Suisse’s risk management function also also came under scrutiny following the collapse of US$10bn in supply chain finance funds linked to insolvent firm Greensill Capital.
Founder Lex Greensill was a client of Credit Suisse and Helman Sitohang, the former head of Asia at Credit Suisse, remained a strong advocate of Greensill even as concerns grew about the health of the company.
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