Raymond Saxe, Former HSBC Risk Technology Executive, Dies at 50

Raymond Saxe, a former senior vice president of global risk technology at HSBC Holdings Plc whose 23-year Wall Street career in project management included work as a director at Deutsche Bank AG, has died. He was 50. Family Photo via Bloomberg Close

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Raymond Saxe, a former senior vice president of global risk technology at HSBC Holdings Plc whose 23-year Wall Street career in project management included work as a director at Deutsche Bank AG, has died. He was 50. Family Photo via Bloomberg

Raymond Saxe, a former senior vice president of global risk technology at HSBC Holdings Plc (HSBA) whose 23-year Wall Street career in project management included work as a director at Deutsche Bank AG (DBK), has died. He was 50.

He died on June 1 at Sound Shore Medical Center in New Rochelle, New York, following a brief illness, his sister, Emily Saxe Nydam, said today in an interview. He lived in Rye Brook, New York, about 25 miles (40 kilometers) northeast of midtown Manhattan.

Saxe worked in New York City and London for HSBC, Europe’s biggest bank in terms of assets, for six years until December 2010, according to his profile on LinkedIn Corp.’s website. He had been working independently since then, his sister said.

With degrees in engineering and finance, Saxe was at home on the technological side of Wall Street.

“I do the heavy lifting,” he wrote on his LinkedIn profile. “I excel at bridging the gap between the business-focused senior managers and the technology specialists.”

“Projects rarely fail for technical reasons, they fail because the right governance and communication are not in place and not consistently followed,” he wrote. “I firmly believe this and adhere to this principle rigidly.”

Raymond Daniel Saxe III was born on Nov. 14, 1962, in New York City and grew up in Scarsdale, New York. He was one of two children of R. Daniel Saxe Jr. and the former JoAn Teetor.

Carnegie Connection

His father was senior vice president, secretary and general counsel at Bessemer Securities Corp. in New York, the investment firm started by Henry Phipps, a partner of Andrew Carnegie, to manage proceeds from the sale of Carnegie Steel Co.

Saxe received a bachelor’s degree in electrical engineering from the University of Bridgeport, in Connecticut, in 1985 and an MBA in finance from New York University’s Stern School of Business in 1990.

From NYU, he joined Bankers Trust Corp. after the New York-based company recruited him among a group of students who were studying finance at top business schools and who also had technical undergraduate degrees.

“The goal was to hire people who understood both the technology and the business and could bridge the gap between the two,” Saxe wrote. “The right candidate could talk to traders, salespeople, risk managers and understand their requirements and communicate those requirements to the technical staff.”

Managing Projects

At Bankers Trust, he rose to vice president. In August 1998, Deutsche Bank hired Saxe, making him a director of information technology. Three months later, the Frankfurt-based lender announced plans to buy Bankers Trust and completed the purchase in 1999, creating what was then the world’s largest financial services company. Saxe worked in systems engineering and project management.

He moved to London-based HSBC in 2005. Robert Sherman, a spokesman for the bank in New York, declined to comment.

“He loved skiing, tennis, a good mystery, and the Grateful Dead,” according to a death notice written by his sister. “He was an excellent drummer, and he was thrilled and proud when one of his daughters decided to take up the drums, too.”

Saxe also looked forward to his family’s annual summer vacation at Lake George, New York, in the Adirondacks. He requested that his ashes be scattered there.

In addition to his sister and mother, he is survived by his former wife, Naomi Reinitz Saxe, of Rye Brook, and their three daughters, Amanda, 21, Abigail, 18, and Rachel, 15.

To contact the reporter on this story: Laurence Arnold in Washington at larnold4@bloomberg.net

To contact the editor responsible for this story: Charles W. Stevens at cstevens@bloomberg.net

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