The Swiss bank is hiring a veteran of the U.S. investment bank as its head of technology and operations.
Zurich-based Credit Suisse is naming Joanna Hannaford to top management as chief technology and operations officer, effective January 1, it said in an emailed statement on Monday. She replaces current operating chief James Walker, who is returning to the U.S. for family reasons.
Hannaford is a 24-year veteran of Goldman Sachs, where she has overseen technology in Europe, the Middle East, and Africa for the last five years as well as quality assurance engineering globally. A British computer scientist who worked for UBS early in her career, Hannaford will move to Zurich from London for the role and report to CEO Thomas Gottstein.
Technology Rise
Hannaford (pictured below; image from Goldman Sachs' Youtube) will «drive the IT and digital strategy of the bank,» Chairman António Horta-Osório said in the statement. The appointment is similar to crosstown rival UBS' advancement of tech chief Mike Dargan to top management recently, acknowledging the rising importance of the issue in banking.
Like Dargan, Hannaford will take a larger role in Credit Suisse's runnings than her predecessor, who is solely responsible for operations. Walker, currently operating chief, was catapulted into top management two years ago in the wake of a corporate surveillance affair for which the bank is currently in enforcement proceedings.
U.S. Move
He will become deputy CEO of Credit Suisse in the U.S, «ensuring that we operate our US businesses in a controlled and efficient manner.» This puts Walker directly beneath the bank's CEO in the U.S Eric Varvel, who was reduced to that role three months ago after a $10.1 billion fund blow-up.
Credit Suisse has not been shy about giving women, such as innovation chief Laura Barrowman, major technology roles, but none have thus far made it into top management of the 165-year-old Swiss lender, as Hannaford has. The bank is currently grappling with the fallout of twin scandals Archegos and Greensill.
