People: new leader for LCH, Pham lands CFTC top job, and more

Latest job changes across the industry

London offices of LSEG, owner of LCH Limited

Justin Kase z12z/Alamy Stock Photo

Susi de Verdelon has been named chief executive officer of LCH Limited, starting in February. She takes over from Isabelle Girolami, who is leaving to join NatWest, after five years in the job. LCH Limited is the clearing house’s London-based entity, responsible for UK operations.

De Verdelon is currently group head of LCH SwapClear and listed rates, having joined London Stock Exchange Group, LCH’s owner, in 2017. She previously held sales and strategy roles as a managing director in Goldman Sachs’ securities division. She will report to Daniel Maguire, group head of LSEG’s markets division and CEO of LCH Group.

The appointment follows other senior moves within LCH’s clearing business. Last June, Andrew Batchelor became head of ForexClear and Marcus Robinson was named head of CDSClear and head of DigitalAssetClear. A spokesperson for LCH was unable to confirm who will replace de Verdelon as head of SwapClear.

LCH’s swaps clearing business has had to adapt to post-Brexit rules designed to encourage firms based in the European Union to clear euro swaps in the bloc. So far, LCH seems to have avoided a mass migration of swaps volumes away from its London-based unit. Indeed, in the first half of last year, euro swaps activity at SwapClear grew as a proportion of its total notional compared with the same period in 2023, from 36% to 39%. LCH estimates that the latest version of the European Market Infrastructure Regulation, Emir 3.0, will affect around 9% of clearing volumes related to euro swaps.

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The arrival of a new US administration has heralded a change at the top of the Commodity Futures Trading Commission, one of the country’s financial regulatory agencies. Caroline Pham has become acting chairman of the CFTC, effective January 20. Pham was previously sworn in as a CTFC commissioner in April 2022 and unanimously confirmed by the Senate for a term that expires in April 2027. She succeeds Rostin Behnam, who has served as chairman since January 2022. Behnam will step down as a commissioner on February 7.

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A lawyer by trade, Pham has a background in crypto and digital assets, including during a seven-year spell at Citi. In November, as sponsor of the CFTC’s Global Markets Advisory Committee, Pham said Washington was not making progress on regulations for new and emerging technology, adding: “We need to deliver the needed clarity for digital assets that will empower American innovation with clear rules of the road and provide a path to registration or clear regulatory treatment that also ensures that there are safeguards in place.” Pham will remain acting chairman until her formal confirmation by the Senate.

Also at the CFTC, Ian McGinley has stepped down as director of the division of enforcement, a position he had held since February 2023. Clark Hutchison has also left his role as director of the CFTC’s division of risk and clearing. Hutchinson assumed the post in July 2019.

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JP Morgan Chase has announced several new roles and responsibilities for senior executives. Daniel Pinto will be leaving his position as president and chief operating officer on June 30, after serving the bank for over 40 years. Pinto intends to stay on as vice-chairman while advising the CEO and other senior executives, before fully retiring from the bank at the end of 2026.

Jennifer Piepszak will become the new chief operating officer. She was previously co-chief executive officer of the commercial and investment bank. Piepszak will manage areas including technology, operations, data and analytics, and corporate strategy. She will also oversee the firm’s global corporate centres in India and the Philippines.

Doug Petno, currently co-head of global banking, will take on Piepszak’s previous role, alongside fellow co-CEO Troy Rohrbaugh. John Simmons, head of commercial banking, will succeed Petno, joining fellow co-head Filippo Gori, with both reporting to Petno and Rohrbaugh.

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Shuo Wu

BNY has appointed Shuo Wu as global head of electronic foreign exchange trading and strategies. Wu joins BNY in London and will report to Jordan Barnett, global head of FX trading and product, while regionally reporting to David McAnany, co-head of FX for Europe, the Middle East and Africa. Wu left Deutsche Bank in the summer of 2024, having been global head of FX forwards electronic trading for nearly five years. He held prior roles at Citi, Morgan Stanley and JP Morgan.

Wu’s appointment is the latest senior addition to BNY’s FX team after the bank recruited Ashvin Parkash, previously global head of e-FX distribution at Nomura, as head of global markets trading for Asia-Pacific in Singapore at the end of last year.

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Goldman Sachs has reshuffled the leadership of its global banking and markets division. Jason Brauth, Kunal Shah and Anshul Sehgal will become global co-heads of fixed income, currency and commodities, while Dmitri Potishko, Cyril Goddeeris and Erdit Hoxha will become global co-heads of equities. Shah and Anthony Gutman also become co-heads of Goldman Sachs International.

Potishko and Hoxha were appointed co-heads of Goldman’s lucrative flow derivatives franchise and emerging markets trading in 2023, the Financial Times reported.

Kevin Kelly and Sam Morgan, meanwhile, become global co-heads of client coverage for global banking and markets. All will join the management committee, the firm said in a release.

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US regional bank KeyCorp has named Mohit Ramani as chief risk officer. He will also join the firm’s executive leadership team and will report to Chris Gorman, chairman and chief executive officer. Ramani will lead a team of risk management professionals overseeing all aspects of the bank’s risk management function. Most recently, he was deputy chief risk officer with Truist Financial Corporation. He has also held roles at Goldman Sachs and Bank of America.

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Edward Williams

Edward Williams has joined fixed income dealer KNG Securities as an emerging market specialist on the fixed income sales team. The appointment is part of an emerging market credit push at the firm, as it looks to build business in Latin America, Middle East, Turkey and current and former CIS countries. Williams previously served as director for emerging markets credit sales at Mizuho International.

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Hedge fund Millennium is hiring staff from rival Point72, eFinancialCareers reports. Adam Clevenger joins as a portfolio manager in London. He was previously a portfolio manager at Point72 and, before that, regional head of FX and options trading at Morgan Stanley. Roman Royfman has also joined Millennium as head of Treasury quantitative research. At Point72, he was head of Treasury data and analytics.

Meanwhile, Torbjorn Haugen, a portfolio manager with Millennium, has left the firm to join London-based hedge fund Mygale.

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Karin Turner-Hrdlicka

Karin Turner-Hrdlicka has joined the European Central Bank as director general of on-site and internal model inspections. She will be responsible for directly supervised banks across the single supervisory mechanism. Turner-Hrdlicka’s previous role was director of the department for the supervision of significant institutions at the National Bank of Austria. She will begin her new position on March 1, following the retirement of Linette Field.

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The World Bank has hired Carolina Montero Kuscevic as an audit supervisor. She joins the bank after 11 years with the Inter-American Development Bank where she was most recently the operational risk management lead.

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April Day

The Association for Financial Markets in Europe has appointed April Day as head of capital markets. She will succeed Rick Watson, who announced his retirement in July after 18 years with Afme. In her 12 years at Afme, Day has served as a managing director and head of equities, covering equity capital markets, equities trading, post-trade activity and the Mifid regulatory regime.

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Stuart Stahl has joined the global financial markets team at law firm Clifford Chance, based in New York. He will work on structured finance, securitisation and private credit. Stahl moves from investment firm FirstKey Mortgage, where he was a senior counsel advising on transactions across multiple asset classes.

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Xabier Anduaga

Xabier Anduaga has joined risk management tech provider Acadia as a partner in its quantitative services team. Anduaga will be based in London and will focus on developing the firm’s UK quantitative consulting business, reporting to Robert Kirchner. He was previously director of traded risk analytics at PwC, working on risk modelling frameworks for UK and US banks.

Additional reporting by Tom Osborn

Editing by Alex Krohn