Credit Suisse strengthens Treasury team ahead of Dodd deadline

Peter Holick joins from UBS as head of liquidity risk management.
By Joe McGrath

Credit Suisse has swooped for UBS’s former global head of liquidity to boost its management line up ahead of an impending US regulatory deadline.

Peter Holik joins as head of liquidity risk management (Americas) for the new intermediate holding company (IHC), which has been set up to meet US regulatory requirements coming into force on 1 July.

Under the section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, all foreign banks holding more than $50 billion in US assets, must have a separate US corporate structure to protect against collapse.

Holik joins former UBS colleague Joe Shropshire who has also switched to Credit Suisse, joining as Americas Treasurer.

The new regulations come into force eight years after the Federal Reserve handed out more than half of its emergency loans to non US banks who needed assistance to remain solvent after the credit crisis hit.

These moves are the latest in a long list of positions that have been filled by banks looking to stock their new corporate entities with experienced talent.

Global banking giants such as BNP Paribas, Deutsche Bank and HSBC have all changed operations as a result of the new rules.

Deutsche Bank continues to advertise for compliance testing staff that will be able to scrutinise operations in the new IHC.

Credit Suisse declined to comment on the moves. Holik did not respond to a request for comment.