Credit Suisse has announced that Joachim Oechslin will become its chief risk officer (CRO) on January 1, 2014. He replaces Tobias Guldimann, who will step into a newly created role – head of reputational risk, corporate responsibility and regulatory policy. Guldimann will also step down from the bank’s executive board.
Oechslin has been the chief risk officer of Munich Re – the world’s biggest reinsurer – since 2007. Prior to that, he was deputy head of risk at Axa. Oechslin was named chief risk officer of the year in 2008 by Risk’s sister publication, Insurance Risk, for his integration of the firm’s risk management functions, and his work as founder and chairman of the Chief Risk Officer Forum – an industry group formed to advance risk management practice in the insurance industry.
While the skills required as CRO of an insurer are not directly transferable to those required at a universal bank, Guldimann says Oechslin has the required skill set. “You need someone with a strong quantitative background, which is something Jo has. They have to have a lot of exposure to financial markets; just look at the balance sheets of these insurance companies and how many risks they run, that is very relevant. And you want to have someone who has a flavour of our culture, and for him – having worked with the group for several years – I think that is a key advantage,” says Guldimann.
Guldimann has spent 15 years in the risk function at Credit Suisse – the past nine as CRO and a member of the executive board – and was keen for a change. “There were two reasons – first, I think it would be bad to have someone in the same role for a long time, it creates a risk in itself. And second, it was time for me to do something different,” he says.
His new role, which he expects to take up in the second quarter of 2014, will include high-level discussions with regulatory standard-setters about long-term policy. His top priority is discussing the evolution of what he calls Basel IV – the review of existing trading book rules and the trend towards standardised risk and capital measures.
Barclays has announced the appointment of Tushar Morzaria as finance director, after a lengthy search to find a replacement for Chris Lucas, who announced in February that he would retire from the role.
Lucas is the latest senior executive to leave the bank following the conclusion last June of regulatory investigations into Libor rigging at the bank, for which Barclays was fined roughly $450 million. Chief executive Bob Diamond, chairman Marcus Agius and chief operating officer Jerry del Missier all left the bank in the wake of the scandal. Antony Jenkins, Barclays’ new chief executive as of August 2012, said Lucas’ decision to leave was his own.
Morzaria is expected to start at Barclays this autumn but there will be a lengthy handover period. He will join the board at the start of next year and take over as finance director when Lucas retires at the end of February 2014.
Morzaria, who will be based in London, joins from JP Morgan in New York where he is the chief financial officer (CFO) for the corporate and investment banking (CIB) division. He joined JP Morgan in 1995 and worked for Credit Suisse between 2002 and 2005, before rejoining JP Morgan as CFO of the investment bank in Europe. He was promoted to CFO of the global investment bank in 2010.
JP Morgan has announced that Jeremy Barnum will fill the role vacated by Morzaria. Barnum will lead the CIB finance and business management team, reporting to the co-CEOs of the CIB, Mike Cavanagh and Daniel Pinto, as well as group CFO Marianne Lake.
Barnum was most recently CFO for the markets division at the CIB. His career at JP Morgan began in 1994 as a trader in foreign exchange, emerging markets and credit. In 2004, he was named co-head of North American credit trading. Following two years as a partner at BlueMountain Capital Management and head of its London office, he rejoined JP Morgan in 2007.
LCH.Clearnet has announced that chief executive Ian Axe is to step down. A spokesperson confirmed there was no successor lined up and that Axe would remain at the clearing house to oversee an orderly handover.
Axe joined LCH.Clearnet two-and-a-half years ago from Barclays, where he was chief operating officer of Barclays Capital for Europe, the Middle East and Africa. Axe had taken a number of strategic initiatives to bolster the clearing house’s commercial position, including securing a licence to operate in Australia and expanding in the US through the purchase of the International Derivatives Clearing Group in August 2012.
Axe was also instrumental in the sale of a 58% stake in LCH.Clearnet to the London Stock Exchange Group in May this year.
Standard Chartered has announced that Min Park has joined the bank as global head of equity derivatives and convertibles sales. He is based in Hong Kong and reports to Simon Brookhouse, global head of equities.
Park was previously head of the equity derivatives and convertible bonds sales team for Asia-Pacific at Credit Suisse in Hong Kong. Park joined Credit Suisse from UBS in June 2009, along with Ken Pang, as co-heads of equity derivatives and convertibles, where they had led the rival Swiss bank’s Asian equity derivatives business.
Citi has hired Ian Hale as head of European and UK inflation trading. He will report to Matt Jerman, Citi’s head of European flow rates.
Hale joins from Royal Bank of Scotland (RBS) where he reported to Christian Alibert. RBS won Risk’s 2013 award for inflation house of the year after cutting risk-weighted assets for the business and notching up an apparent first for the inflation market – an inflation swaption trade struck with a UK local government entity. RBS declined to comment on the move.
Citi has also announced that Alexis Serero will join the bank in September as head of credit default swaps index trading in Europe. Serero will be based in London and report to Tim Gately, Citi’s head of credit trading in Emea. Serero joins from Deutsche Bank, where he had worked since June 2009.
Morgan Stanley has announced changes to its interest rate strategy teams. Laurence Mutkin has left his role as global head of rates strategy after seven years at the US bank. Mutkin is reported to be joining BNP Paribas, though both banks declined to comment. Matt Hornbach will take on the role of global head of rates strategy, in addition to his role as head of US rates strategy.
Hornbach has been at Morgan Stanley for 13 years and led the US rates strategy team for 18 months. The bank has also appointed Anthony O’Brien and Anton Heese to co-head the European rates strategy team. All the appointments are effective immediately, and all three appointees will report to Neil McLeish, global director of fixed-income research.
BlackRock has hired Tom Callahan as deputy head of its cash management group. Callahan was previously chief executive of futures exchange NYSE Liffe US.
Under Callahan’s direction, NYSE Liffe US launched a joint venture with the Depository Trust & Clearing Corporation (DTCC), that enabled users to offset the exchange’s Eurodollar and US Treasury futures contracts against cash bonds cleared by the DTCC. The hope was that the margin efficiencies would enable the new futures contracts to compete against CME Group. NYSE Euronext, the parent company of NYSE Liffe US, was sold to Ice, the second-largest US futures exchange, for $8.2 billion in December.
In his new role, Callahan will help oversee BlackRock’s cash pile – reported to be more than $250 billion.
Bank of America Merrill Lynch (BAML) has named Jennifer Boussuge as head of global transaction services (GTS) for Europe, the Middle East and Africa (Emea). Boussuge, who has been at BAML for nearly 20 years, will continue in her current role as head of global sales for GTS until a successor is named.
In her new role, Boussuge will continue to report to Paul Simpson, head of the bank’s GTS division. She also joins the Europe and emerging markets (ex-Asia) regional executive committee led by Alex Wilmot-Sitwell, the bank’s London-based president of Europe and emerging markets (ex-Asia).
Boussuge has previously been head of international subsidiary banking sales for GTS in Emea and head of global treasury and liquidity management services for large US corporate healthcare and consumer and retail clients.
BNP Paribas has announced two new appointments to its global foreign exchange strategy team. Daniel Katzive has joined from Credit Suisse as head of foreign exchange strategy for North America, and will be based in New York, while Phyllis Papadavid has joined as senior global foreign exchange strategist based in London.
At Credit Suisse, Katzive was the lead foreign exchange strategist in New York. Previously he had worked at UBS and the Federal Reserve Bank of New York. Papadavid has worked at Lehman Brothers as a senior foreign exchange strategist and international economist, and was most recently economic adviser to the Mongolian government.
ANZ Bank has appointed Jason Katz, formerly a director in emerging markets foreign exchange trading at BNP Paribas, to its emerging markets team. In his new post, Katz will report to Paul Moore, head of forex and commodity sales and trading at ANZ in London.
Katz had been at BNP Paribas for almost two years, having joined from Barclays, where he held a similar role. Prior to that, he was at Standard Bank for nine years, and has also worked at ABN Amro and Standard Chartered. The appointment comes shortly after that of Tim Moloney, who joined ANZ as global head of foreign exchange investor sales in Singapore earlier this month.
Vassilis Paschopoulos has left Deutsche Bank as head of European investment-grade debt trading after the bank shuffled its debt trading teams in London. Deutsche Bank has combined its investment-grade debt and asset-backed securities trading units, with Nick Waring – formerly Deutsche Bank’s head of asset-backed securities trading in Europe – at the helm.
Waring had headed the bank’s European investment-grade credit trading team for two years, after joining from UBS, where he headed investment-grade corporate trading. He had spent an earlier stint at Deutsche Bank, from 2004 to 2010, as head of investment-grade corporate trading. The bank declined to comment on the move.
The board of supervisors of the European Securities and Markets Authority (Esma) has re-elected Carlos Tavares as vice-chair. Tavares, who is chairman of the Comissão Do Mercado De Valores Mobiliários, the Portuguese securities regulator, has completed an initial two-and-a-half year term and will now serve a further term in the position.
In addition, two new members have been elected to Esma’s management board – Kostas Botopoulos from the Hellenic Capital Markets Commission in Greece, and Klaus Kumpfmüller from the Finanzmarktaufsicht in Austria. Martin Wheatley, chief executive of the UK’s Financial Conduct Authority, was re-elected for a second two-and-a-half-year term. The two outgoing members are Karl-Burkhard Caspari from the Bundesanstalt für Finanzdienstleistungsaufsicht in Germany and Raul Malmstein of Estonia’s Finantsinspektsioon.
Lloyds Banking Group has appointed Alice Beavan as head of e-commerce for credit products, part of the credit products management team in London. She will start her new role in August and report to Juan Blasco, head of credit products.
Beavan joins from Royal Bank of Canada (RBC), where she most recently led the development of its electronic credit platform. Prior to working at RBC, Beavan worked for both Tradeweb and MarketAxess.
Traiana, a provider of pre-trade risk and post-trade processing, has appointed Guy Eden as head of product management. Eden will have cross-asset responsibility and report to Igor Teleshevsky, a member of Traiana’s executive committee.
Eden was previously head of product management at the London Stock Exchange, where he was responsible for product management, development and customer support for UnaVista. He joined the London Stock Exchange from Ipreo and prior to that was solutions director at SunGard.
Christopher Ehrman has moved from the US Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC) to head the agency’s whistleblower office. He fills the vacancy left by Vincente Martinez, who stepped down in January this year to head the SEC’s market intelligence office. Ehrman was previously assistant director of the market intelligence office, part of the SEC’s enforcement division. A successor has not yet been named.
The CFTC’s whistleblower office was set up under the Dodd-Frank Act. The SEC’s own Office of the Whistleblower was also mandated by the 2010 law. Regulators elsewhere have followed suit: the UK Serious Fraud Office set up a whistleblower hotline in early 2011. But there is still doubt over how effective the offices have been: the SEC in particular has been criticised for failing to follow up whistleblower leads, and for failing to provide enough guidance on the kind of intelligence it needs.