Now Citi hired a top technologist from UBS/Credit Suisse
The UBS technology exits appear to be coming thick and fast. Following yesterday's revelation that Mike Juma has left for Citadel Securities, it's become apparent that one of Juma's new key reports has gone to Citi.
Alan Downie, who was the head of Credit Suisse's markets electronic trading platform, is joining Citi as head of FX technology in January.
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Citi declined to comment on Downie's arrival, which comes as the bank is in the process of finalising a restructuring plan that could see it cutting up to 10% of jobs in some teams. CNBC reported today that those cuts will start soon.
UBS didn't respond to a request to comment on Downie's exit. It's not clear whether he had moved across from Credit Suisse or not.
Some Credit technologists have told us they're disinclined to join UBS because it's more bureaucratic than their previous employer. There have been various exits.
UBS chief executive Sergio Ermotti said today that most Credit Suisse platforms are being discontinued. “In 95% of the cases we migrate business into the UBS platform,” Ermotti reportedly declared at an event in London. “We have 3,000 IT applications of Credit Suisse and we’re going to keep 300. And that in a sense will allow us to create clarity around the IT platform.”
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