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Some senior Credit Suisse risk people regrouped at their very own London consultancy

A cluster of former Credit Suisse managing directors and directors from a risk management team have reconvened at their own consulting firm instead of joining UBS.

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Philip Staddon, Credit Suisse's former London-based head of counterparty portfolio management, Nick Sainsbury, a managing director on Credit Suisse's counterparty portfolio management team, Dave German, a Credit Suisse VP and program architect and Alex Beddoes, a former Credit Suisse director, have reappeared at Aptonomy, which they describe as a "specialist capital markets consultancy and software provider," with a product that, "that completes the link between trades and legal agreement."   

Sainsbury, who was only promoted to MD at Credit Suisse in 2022, declined to comment for this article. It's not clear whether the four men had the option of joining UBS. In combination, they had around 100 years' experience at Credit Suisse: Staddon and Sainsbury were at the failed bank for nearly 30 years each; German was there 12 years; Beddoes was there for nine.

Their decision, involuntary or not, to go it alone, comes amidst various senior departures from the UBS technology team last year as ex-Credit Suisse people complained of a less go-getting culture there. 

One ex-Credit Suisse technologist says the systems at the Swiss bank were a mess. "Like any huge organization, except for prudent places like Goldman Sachs, pretty much every department at Credit Suisse built and maintained its own risk systems," he says. "During the good times, this led to risk systems for prime, equity, rates, FX, credit, and other smaller regional departments." Under former CEO Tidjane Thiam, he says the bank cut these back considerably. 

UBS is cutting Credit Suisse systems even more. In its fourth quarter results presentation, UBS said it decommissioned 30% of technology applications in its non core and legacy (NCL) division last year and plans to decommission another 60% by the end of 2025, with the remainder closed by 2026. The NCL division includes much of Credit Suisse's fixed income trading business to which Aptonomy team were formerly aligned.

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AUTHORSarah Butcher Global Editor

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