One of Credit Suisse’s most senior operations professionals just quit for a large credit fund.
Kathryn Hanna, Credit Suisse’s group operations head of client assets, left last week according to a source. She’s joined CVC Investment Partners, a leveraged finance fund with $16.4bn in assets across the U.S. and Europe. It’s thought Hanna is joining as COO.
Before joining Credit Suisse in 2015, Hanna spent three years working for J.P. Morgan. Prior to that, she spent 17 and a half years at Goldman Sachs. Hanna didn’t return a request for a comment on her new role.
Hanna’s exit comes as Credit Suisse is attempting to take another $400m of costs out of its global markets division before 2018. During the bank’s first quarter call, CEO Tidjane Thiam said the intention was to “protect full time employees as much as possible”.
The Swiss bank also stands accused of paying paltry bonuses for several years running. Retention bonuses worth an average of CHF1.5m ($1.5m) each were paid to key risk taking staff for 2016 to encourage them to stay. However, as a member of infrastructure staff it’s unlikely to Hanna would have been in this group.