Credit Suisse Investment Bank CIO Marinela Tudoran to Depart — Financial News

By Shruti Tripathi Chopra

Of Financial News

One of the most senior women in Wall Street technology is leaving Credit Suisse after nearly 30 years.

New York-based Marinela Tudoran, Credit Suisse's investment bank chief information officer, is set to depart, according to people familiar with the matter.

UBS declined to comment.

The Credit Suisse veteran, who began her career at the bank in Tokyo and later moved to New York, is one of the biggest names in technology on Wall Street.

Credit Suisse built its electronic trading platforms under her leadership and she managed teams across the U.S., Switzerland, U.K., Hong Kong, Singapore, and India. Tudoran also co-founded the Credit Suisse IT Women's Council, one of the first women-focused employee networks at the Swiss bank.

Tudoran's exit comes as Credit Suisse has lost senior executives to rivals including Citigroup, Deutsche Bank and Santander following its shotgun marriage with UBS in March last year.

UBS took on 200 managing directors from Credit Suisse's investment bank through the acquisition and paid 447 million Swiss francs ($493 million) in retention awards in 2023 to keep top staff, according to its annual report published on March 28.

Credit Suisse's CHF447 million in deferred cash and share awards, was up from CHF355 million awarded in 2022 and CHF395 million handed out a year earlier as it battled to stem the exodus of senior employees following a tumultuous few years for the Swiss bank.

The payouts were "modest by industry standard for an integration of this magnitude," Credit Suisse said in its annual report.

Meanwhile, UBS is set to begin cutting jobs in five phases from June onwards as it looks to strip out around $6bn in employee costs through its integration with Credit Suisse.

UBS could cut 30,000-35,000 jobs as it completes its acquisition of Credit Suisse this year, analysts told Financial News in January.

On Monday, FN reported that Credit Suisse diversity champion Pips Bunce is also leaving the bank.

Bunce, who is director and head of investment banking technology strategic programs at Credit Suisse, is departing after 19 years. She identifies as gender-fluid and non-binary and is a rare example of a senior banker coming out at work.

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Website: www.fnlondon.com

(END) Dow Jones Newswires

May 02, 2024 10:06 ET (14:06 GMT)

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