Switzerland’s banking company Credit Suisse (SWX: CSGN) has announced that ex- Goldman Sachs (NYSE:GS) technology executive Joanne Hannaford will now serve as its Chief Technology and Operations Officer.
Joanne Hannaford will be replacing current COO James Walker who will be taking up a new role in the United States.
Hannaford, who will be taking up the new role from January 1, 2022, will be working out of the Zurich offices. She will be reporting directly to CEO Thomas Gottstein. Hannaford will also reportedly become a member of the executive board.
This recent senior level appointment has been revealed only a few weeks after Credit Suisse confirmed its intention to add around 1,000 IT staff members in India. This is notably a part of the firm’s business strategy that has seen the company recruit 2,000 Indian IT professionals during the past few years.
It has also been around a year since Credit Suisse announced its operational restructuring plans which involve merging various divisions in order to lower operational costs. Credit Suisse is also focused on investing in its digital transformation efforts and various Fintech-focused collaborations (especially for its wealth management department).
Hannaford has held several key roles during her time working at Goldman Sachs, which includes serving as head of EMEA engineering, co-head of enterprise platforms and global head of resiliency
Antonio Horta-Osorio, Chairperson at Credit Suisse, remarked:
“Technology is and will increasingly be a key success factor in financial services and with her skills, Joanne is well positioned to lead our strategic efforts going forward.”
Thomas Gottstein, CEO at Credit Suisse Group AG, a global wealth manager, said last year that he expects business activity in the wealth management sector to slow down during the third quarter of 2020. However, he forecasted that overall revenue and trading will continue at the level we’ve seen throughout last year.
Gottstein, whose comments came while attending the Bank of America Corp. virtual conference last year, had also noted that we should be seeing or expecting more consolidation in the banking sector. But he warned that global deals are still quite complex.
As covered earlier this year, the Paxos Trust Company, a compliant blockchain infrastructure provider, completed a same-day settlement of US-listed equity trades in partnership with Instinet and Credit Suisse.