UBS finally cut one of Credit Suisse’s most popular directors: “I’m not bitter”

Richard O’Connell was not expecting Credit Suisse to be “vaporized” in 2023. Nor was he expecting to find himself in Raleigh, North Carolina, without a job two years later. A former trader turned quant and risk manager, O’Connell spent most of his 26-year career in New York and Connecticut. Then, “near-shoring” came calling, and he heeded the cry. Now? He’s unemployed.

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“Back in 2017 Credit Suisse said they wanted to build out the Raleigh footprint and to shift some jobs down there, where it would be cheaper,” says O’Connell.  “I volunteered. The cost of living in Raleigh was a lot lower. I bought a large, brand-new house that was a short distance from the office, and I had a brilliant quality of life. I swapped a commute that was 1.5 hours each way for a 12-minute drive. ” 

Life was sweet, until it wasn’t. Two weeks ago, UBS told O’Connell he was being let go. At Credit Suisse, he’d latterly been head of enterprise risk for the investment bank, and UBS didn’t have a need for someone like him. O’Connell, whose entire career has been in investment banking, is now looking for a new job. “I’ve loved it here,” he says of Raleigh. “I’ve had a great quality of life, I’ve been around for my kids, but now I’m probably going to need to move again.”

As banks like Goldman Sachs, JPMorgan and Deutsche Bank push jobs out of New York and into near-shoring destinations like Salt Lake City, Dallas and Florida, O’Connell’s experience sounds like a warning against straying too far from the major financial centers. “There are some other jobs in Raleigh, but there’s not nearly the footprint of New York. If you’re a mechanic who works on Ferraris, you don’t want to get a job changing oil at Jiffy Lube,” O’Connell reflects.

It’s also a reminder that when it comes to the crunch, being a great guy with experience, matters less than being a guy who’s cheap and can grow into a role. “When Credit Suisse first went under, we had a lot of junior staff who had never seen anything like it,” says O’Connell. “I told them not to panic – they were the Hiluxes of the industry. Everyone knows what a Hilux is worth, and everyone wants one. It was the people like me that needed to worry. I’m the 1976 Ferrari with the original paint job. Far fewer people want, or can afford, one of those.” 

As he floats his resume on the market, O’Connell says he’s nonetheless finding new employers interested in his particular vintage. Interviews are already appearing. In Raleigh, his former colleagues will have a large gap to fill. – Alongside his role, O’Connell regularly ran team building events and held barbecues at his home for his broader team. “I had 30 odd-people turn up at my house once,” he says. “I tried to be a culture carrier. I’m not bitter. Sometimes when you are cleaning out a house you bought cheap, you accidentally discard a Caravaggio from the attic.  Oh well.”

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