Credit Suisse's operating chief is losing two key lieutenants, finews.com has learned. The departures are a setback as the Swiss bank seeks to chop more than 4 billion Swiss francs from its spending.
The Zurich-based bank's head of operations, Gary Bullock, is leaving for Bangalore-based outsourcing firm Wipro, two sources familiar with the matter told finews.com.
The Swiss bank has worked with Wipro more than a decade, part of its efforts to cut spending in high-cost Switzerland by offshoring and outsourcing large chunks of its infrastructure and technology.
Little known even within banking circles, the British-born Bullock is a nine-year bank veteran who wields enormous influence at Credit Suisse. He reports directly to operating chief Pierre-Olivier Bouee, who is currently spearheading a push to chop 4.2 billion Swiss francs off Credit Suisse's spending.
Data Departure
Adding to Bouee's woe, chief data officer Colin Hall will also leave by the end of September in order to spend more time with his family, the people told finews.com. The context of Bullock's and Hall's departure wasn't immediately clear, and a spokesman for Credit Suisse didn't comment on either departure.
Bullock, initially hired for to run operations at Credit Suisse's investment bank, was given considerably more power in 2012, when the bank folded operations from its private bank and its securities unit into one unit under him.
He will be replaced by his deputy, managing director Nicola Kane, who is one of Credit Suisse's highest-ranking women. She will report directly to Bouee, as will Hall for the brief remainder of his tenure at Credit Suisse.
