People moves: Ritchie steps down at Deutsche; Lynch takes Emea role at TP Icap, and more

Latest job changes across the industry

Garth Ritchie, president of Deutsche Bank and head of the corporate and investment bank, is leaving the firm after almost 23 years. 

Ritchie stepped down from his position at the corporate and investment bank and from the management board on July 31, but will continue to advise Deutsche until the end of November. 

Chief executive Christian Sewing will assume responsibility for the corporate and investment bank on the management board. 

Ritchie first joined the German bank in 1996, as an associate at the Johannesburg office. 

In 2009, Ritchie was appointed to the management board while head of equities. In 2016, he was appointed to the management board with responsibility for the markets division. 

He became co-head of the newly created corporate and investment bank in 2017. One year later, he became its sole head and was appointed president.

The move follows last month’s shake-up at Deutsche, which saw 18,000 staff culled as part of the company’s strategy to cut costs by a quarter by 2022.

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Martin Lynch

Frits Vogels, chief executive for Europe, the Middle East and Africa at TP Icap, has left the firm. Vogels joined the interdealer broker in 1992, and was put in charge of the Emea business in 2017, after Tullet Prebon and Icap merged in a £1.3 billion (£1.6 million) deal in 2016. He became chief operating officer of global broking in January this year. 

Vogels will be replaced by Martin Lynch, who becomes head of global broking for Emea, alongside his role as COO for global banking. Lynch will relocate from New York to London for his new post, and report to John Abularrage, CEO of global broking. 

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LCH has appointed Isabelle Girolami as CEO of its UK business, LCH Ltd, effective from November 1. Girolami joins from Crédit Agricole, where she most recently served as deputy CEO of its corporate and investment banking business. Prior to that, she spent almost seven years at Standard Chartered, most recently as head of financial markets for the Asean group of nations. In her new role, Girolami will be based in London and report to Daniel Maguire, CEO of LCH Group. 

Her appointment follows Martin Pluves’ decision to step down from the role on July 31, after spending 10 years at LCH in a variety of senior positions. Before joining the company, he worked for 14 years at PA Consulting, where he was a partner in the financial services practice and also served as a member of the management group. He is moving to the FICC Standards Board (FMSB) in October as CEO. 

Maguire will serve as interim CEO of LCH Ltd, in addition to his other responsibilities, until Girolami joins. 

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BNP Paribas has appointed Walid Maaouni as global head of equity derivatives hedge fund sales. Maaouni has worked at the French bank since 2009, most recently as head of Emea equity derivatives hedge fund sales. Previously, he held similar positions in marketing equity and cross-asset derivatives products at Barclays Capital, Citigroup and Goldman Sachs. Based in London, Maaouni will report to Emmanuel Dray, global head of equity derivatives institutional sales and UK head of equity derivatives. 

The French bank has also hired Scott Sinawi in the newly created role of head of corporate sales for North America. Sinawi has spent the last 10 years as managing director of RBC Capital Markets, most recently as head of its risk solutions group in the US. Before joining RBC in 2009, he spent almost four years as a managing director at Merrill Lynch. In his new role, he reports to John Gallo, head of global markets institutional sales for the Americas. 

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Matthew Grounds, head of UBS Australia, is leaving at the end of the year. Grounds became chairman of investment banking for Asia-Pacific at the Swiss bank three years ago; a role that oversaw UBS’s equities, fixed-income, and currency and investment banking divisions throughout the region. 

He will be succeeded by Anthony Sweetman, co-head of investment banking, and Nick Hughes, country operating officer, both at UBS Australasia. Grounds is the third top dealmaker that UBS Australia has lost this year, following the exit of senior banker Guy Fowler and Chris Williams, co-head of equities. 

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Byron Baldwin has left Eurex. He joined the exchange as senior vice-president of institutional investor business development in 2005. Baldwin has held multiple roles during his time at Eurex, most recently serving as deputy global head of fixed-income trading and clearing sales for three years. 

Baldwin is succeeded by Tim Gits, who has held the position of head of fixed-income sales for the Americas at the exchange for the past 10 years. Prior to joining Eurex in 2009, Gits spent one year at Fortis Clearing as a branch office manager. In his new role, he reports to Philip Simons, global head of fixed-income derivatives, funding and financing sales. 

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Steve French

Steve French has been promoted to senior director and head of product at trading technology firm Traiana. French joined the firm in 2010, and has held a variety of roles encompassing responsibility for its forex products. Most recently, he was head of connectivity and messaging. In his new role, French reports to Joanna Davies, managing director of Traiana. 

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Bank of America has hired Rick Sherlund as vice-chairman of technology investment banking. Sherlund has worked in the tech industry since 1982, and was partner and co-head of technology investment research at Goldman Sachs for 25 years. Since then, he has served as director of technology and research at Nomura, and chairman of software investment banking at Barclays. 

In his new role at Bank of America, Sherlund reports to Gary Kirkham and Sam Powers, co-heads of global technology, media and telecom investment banking. 

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Iqbal Khan, CEO of international wealth management and a member of the executive board at Credit Suisse, has left the bank. Khan joined as chief financial officer of private banking and wealth management in 2013. Previously, he held various roles over 12 years at EY, most recently as managing partner of assurance and ­advisory ­services. 

Khan is succeeded by Philipp Wehle, CFO of international wealth management. Wehle joined Credit Suisse in 2005 as senior project manager in private banking business development for Switzerland. Earlier, he spent four years as a consultant and project manager at Consart Management Consultants. In his new role, Wehle reports to Tidjane Thiam, CEO of Credit Suisse. 

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Citi has appointed Akira Hoshino as head of foreign exchange and local markets for Citigroup Global Markets Japan in a bid to strengthen its business in the region among corporate and institutional clients. Hoshino joins from MUFG Bank, where he has worked since 1989. Most recently, he was co-head of the global markets sales and trading division, as well as global head of foreign exchange and local markets for Mitsubishi UFJ Financial Group. 

For the past four months, Hoshino has also served as vice-chair of industry body, the Global Foreign Exchange Committee. At Citi, he reports to Kuniyoshi Hayashi, head of the markets and securities services division, and Serge Pomonti, head of Asia-Pacific rates and currency investor sales.

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Joshua Mathew is joining Flow Traders as global head of foreign exchange trading, as part of the non-bank market-maker’s push to hire additional expertise for its forex business. Based in Amsterdam, Mathew will start in September and report to chief trading officer Folkert Joling. He joins from Barclays, where he was an e-trader at director level for its forex electronic trading platform, BarxFX. Mathew started at the UK bank as a forex trader and structurer in 2009. 

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Tariq Haider has joined JB Drax Honoré’s foreign exchange and derivatives sales team in New York. Haider is a former managing director in forex institutional sales at Bank of America Merrill Lynch, where he worked under Iain Szucs, head of institutional forex sales for Europe, the Middle East and Africa. In his new role, Haider reports to Ben Shooter, head of foreign exchange at the agency broker.

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State Street has hired Gary Leung as a senior foreign exchange trader in Hong Kong. Leung joins from Bank of China (Hong Kong), where he has held a similar role since November 2013. Prior to that, he spent eight years at Royal Bank of Scotland. 

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Tudor Investment Corporation has hired Nikhil Sharma as a portfolio manager. Sharma joins from Koch Supply & Trading, where he was a global macro portfolio manager for three years. Previously, he spent two years at The Carlyle Group as an associate portfolio manager. Between 2010 and 2012, he served as vice-president for global macro trading at Deutsche Bank. 

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Dominique Wohnlich, head of private banking for Zurich at Lombard Odier & Co, will join Goldman Sachs to run its Swiss management arm from September. Prior to joining the Swiss banking group in 2014, Wohnlich spent five years as head of private equity investments at Credit Suisse’s private banking arm. Before that, he was a member of the alternative investments team at the asset management arm. In his new role at Goldman Sachs, Wohnlich will report to European wealth co-heads Chris French and Stefan Bollinger. 

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Philipp Rickenbacher is set to take over from Bernhard Hodler as CEO of Julius Baer, effective on September 1. Hodler, who worked at the bank for 21 years, has served as CEO since 2017, while Rickenbacher is currently head of intermediaries and global custody at Bank Julius Baer. 

Previously, Rickenbacher spent two years as head of advisory solutions and was responsible for the development of the bank’s wealth management services. He joined Julius Baer in 2004, from McKinsey & Company. Hodler will leave in 2020, after a handover period. 

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Russell Higginbotham will be the new CEO of reinsurance for Asia at Swiss Re. He replaces Jayne Plunkett, who leaves the firm after 13 years. Higginbotham is currently CEO of reinsurance for Emea. He joined the company as head of new business in 1994, and he has held multiple roles since, including head of Japan and Korea. Before that he was assistant manager at Munich Re for three years. In his new role, Higginbotham continues to report to Moses Ojeisekhoba, CEO of reinsurance.

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The Institute of International Finance (IIF) has hired Clay Lowery as executive vice-­president of research and policy. Lowery spent seven years as a managing director of Rock Creek Global Advisors, where he focused on international banking regulation, sovereign debt, macroeconomic policies, exchange rates and investment policy. Previously, he worked at the US Treasury Department. In his new role, Lowery reports to IIF president and CEO Tim Adams.

Elizabeth Roberts joins the IIF as general counsel, from Goodwin’s private equity and private investment funds practice, where she was a partner for three years. Earlier, Roberts spent eight years as a partner at Hogan Lovells in Washington, DC, where she was a member of the investment funds practice. In her new role at the IIF, she reports to Adams.

Elina Ribakova joins the IIF as deputy chief economist, from Bruegel, where she spent the past year as a visiting fellow. She reports to Robin Brooks, chief economist and managing director.