Credit Suisse has achieved a major coup by recruiting Goldman Sachs’ chief technology officer for fixed income, currencies and commodities (FICC) technology, Scot Baldry, to lead its investment banking IT strategy.
Baldry joined Credit Suisse on Monday as chief architect, global head of IT investment banking strategy and architecture. Goldman Sachs told us that he had left the bank and Credit Suisse confirmed the appointment. He will also become a member of the bank's investment banking and client technology IT management committee, which is essentially the technology leadership team at Credit Suisse.
The recruitment of Baldry is significant, not just because senior investment banking IT moves are rare in the current climate, but it also demonstrates that Credit Suisse still has an appetite to embark on major tech projects related to its investment bank.
In recent months, Credit Suisse has largely been associated with downsizing its technology division. In October, the bank unveiled its intention to shave off a further CHF2bn in costs, shift more technology jobs towards India and Poland and develop a shared services model for IT support.
In the past year, Goldman Sachs has embarked on some big fixed income technology projects, notably unveiling its new corporate bond trading platform GSessions. Although it was seen as a trail blazer for other investment banks, “logistical issues” delayed its launch in May last year.
Credit Suisse, meanwhile, has made it clear that it remains committed to that area of the business, even while Swiss rival UBS pulls back from fixed income, so Baldry’s experience may come in useful.
Baldry was made a managing director of Goldman Sachs in November 2010 and worked at the bank for 15 years. He has a BSc in Computer Science from the University of Southampton.
Headhunters suggest that while demand for IT staff has declined in recent months, technical architects remain desirable.