People moves: Peng Zhao replaces Kevin Turner at Citadel

Barclays shakes up European credit trading; HSBC names Zaimi head of equities

Zhao’s previous role was vice-chairman of Citadel

Peng Zhao has replaced Kevin Turner as chief executive of Citadel Securities. Previously chief operating officer of Microsoft, Turner departs the firm only a few months after joining in August 2016.

Zhao’s previous role was vice-chairman of Citadel. He joined in 2006, and led the build-out of Citadel Securities.

Zhao will continue to report to Ken Griffin, Citadel’s founder and chief executive. He will be based in Chicago.

The firm has appointed Virginie Saade to a newly created role, director of government and regulatory policy for Europe.

Previously head of EU regulatory affairs and strategy at rival KCG, she will continue to be based in London, leading Citadel’s engagement with regulators and policymakers across Europe.

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Standard Chartered has hired Tracey McDermott, formerly acting chief executive of the Financial Conduct Authority (FCA) in the UK, who left her post last year, as group head of its corporate, public and regulatory affairs.

McDermott joined the financial watchdog in 2001. Before her appointment as acting chief executive in 2015, she was director of supervision and authorisations. Prior to that, her role was director of enforcement and financial crime, overseeing probes into the rigging of Libor and forex benchmarks.

She left in 2016 after Andrew Bailey was appointed to the top job on a permanent basis.

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Lynwen Connick

ANZ has made Lynwen Connick its new chief information security adviser, replacing Steve Glynn. Connick previously worked for the Australian government, leading Australia’s national cyber security strategy launched in 2016.

At ANZ, she will be responsible for information security strategy, reporting to Gerard Florian. She will be based in Melbourne.

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Barclays has made a series of new appointments in its European credit trading business in London.

James Deighton will become responsible for the European flow business, consisting of high-grade, covered bonds, index products and high-yield businesses. He has been in charge of the high-grade business since 2013.

Shrut Kalra is rejoining the bank as co-head of European high-grade trading. Kalra will oversee derivatives trading within the high-grade business, including index products.

She joins Barclays from Goldman Sachs, where she spent five years covering the financials and sovereign desk as well as the European illiquid trading business.

Rob Dockray has been made co-head of European high-grade trading, leading the cash business. He joined Barclays in 2010, and his most recent responsibilities included the management of the bank’s corporate cash and derivatives business. Both Kalra and Dockray will report to Deighton.

Michael Khouri becomes the new head of European distressed and par loan trading. Khouri joined Barclays in 2016 from Morgan Stanley, where he was in charge of the European distressed business and the allocation of distressed risk globally.

Michael Clarke has been appointed as interim head of the global collateralised loan obligation business.

Deighton, Khouri and Clarke will report directly to Adeel Khan, Barclays’ head of credit trading.

Separately, Barclays has appointed Jaideep Khanna and Reid Marsh as co-heads of its Asia-Pacific business.

Khanna will continue to lead the bank’s business in India, and Marsh will remain responsible for the oversight of Barclays’ banking business in Asia-Pacific. Khanna and Marsh will report to Tim Throsby, president of Barclays International, and John Mahon, head of banking for Europe, the Middle East and Africa, and Asia-Pacific.

Currently based in Hong Kong, Marsh joined Barclays in 2010. Before that, he was at Citi, serving as co-head of the bank’s European industrials franchise.
Khanna previously worked at Deutsche Bank in Mumbai, where he is currently based, as part of the debt capital markets team.

The acting chief executive of Barclays Asia-Pacific, Andy Jones, is stepping down due to personal reasons, but he has taken a temporary role as vice-chairman. He will provide support to Khanna and Marsh during the transitional period and will return to the UK later this year, according to the bank’s internal memo.

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HSBC has named Hossein Zaimi its new global head of equities. He replaces Patrick George, who became global head of equities in 2008 and later took charge of global markets, Emea. Zaimi joined the bank in 2004 as head of forex derivatives, Apac. In 2009, he became head of forex and commodities for the same region, and was made regional head of trading for global markets in 2014. 

Zaimi will be based in Hong Kong and report to Thibaut de Roux, head of global markets, and Gordon French, head of global banking and markets, Apac.

Separately, the bank has appointed a new group treasurer and head of asset, liability and capital management, Iain MacKinnon. He will replace Bryan Pascoe. Previously a partner at Deloitte and then head of tax at Barclays, MacKinnon joined HSBC in 2011 and had worked as the group’s head of tax since then.

He will continue overseeing the tax function at the bank. His successor as head of tax has not been announced yet.

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Antonin Jullier, formerly head of equity trading strategy at Citi, has been promoted to global head of equity sales.

London-based Jullier joined Citi from Talaris Capital in 2008, assuming the position of European head of equity trading strategy. Jullier has held various senior positions at the bank, most recently head of equity trading strategy since June.

Jullier’s promotion is the latest in a line of changes within Citi’s senior equities team. Last year, Murray Roos and Dan Keegan were appointed co-heads of its global equities business.

Meanwhile, Citi’s global head of forex, James Bindler, will be retiring after more than two decades at the bank to pursue academic ambitions. He took over his most recent role from Jeff Feig in 2014.

During 21 years at Citi, he held various senior positions, including global head of forex options and head of trading for central and eastern Europe, Middle East and Africa. His career began at Midland Bank in New York in 1982.

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Paul Swann

Paul Swann, head of Ice Clear Europe, is leaving the clearing house. He will be replaced by Finbarr Hutcheson, who is currently president of Ice Benchmark Administration.

In the past, Hutcheson worked as co-chief executive of NYSE Liffe, which was acquired by Ice as part of NYSE Euronext. Before that, he spent 15 years at Goldman Sachs. Ice is currently looking for Hutcheson’s replacement.

An industry veteran, Swann has worked in clearing for more than three decades. Prior to joining Ice, he worked as a managing director for group risk at LCH.Clearnet.

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Nex is parting ways with Per Sjöberg, group chief executive of its TriOptima business. One of the founders of the unit in 2000, Sjöberg had held his most recent role since May 2011.

In 2011, TriOptima was split into two business lines, with independent management for each of its key service areas: triReduce, the multilateral compression service, and triResolve, the counterparty risk management service.

The newly vacant position will be taken over by Stuart Connolly, who joined the optimisation division that includes TriOptima as head of client product development in 2016, after nearly two decades at Goldman Sachs.

Sjöberg will continue to provide advisory services to Nex Group.

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Morten Weis, former head of group market risk at Nordea who departed the bank last year, has joined the buy side as new group chief risk officer at PenSam, a labour market pension fund that also provides insurance and loan services. He will report to group chief executive, Peter Østergaard and will be based in Denmark.

Vladimir Sankovich has been appointed to a newly created position as head of quantitative modelling and analytics at TD Securities. Sankovich will lead a team of quantitative analysts responsible for the development of pricing models and strategies across a number of asset classes. He will be based in New York.

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Wenchi Hu

Wenchi Hu and Marc Wyatt have left the US Securities and Exchange Commission (SEC).

Hu served as head of the SEC’s office of clearance and settlement supervision from August 2015, previously acting as its associate director.

A former employee of Rabobank, she joined the SEC in 2011 as a senior special counsel in the office of compliance. She subsequently worked as SEC’s assistant director in the office of clearance and settlement supervision from 2013.

Wyatt joined the SEC in 2012. His roles included senior specialised examiner and co-founder of the private fund unit within the office of compliance inspections and examinations; director since 2015 as well as principal and senior portfolio manager for hedge funds.

Pete Driscoll, the office of compliance inspections and examinations chief risk officer, will replace Wyatt as director.

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JP Morgan has hired Geoffrey Zweig as new global head of machine learning. Zweig holds a PhD from Berkeley with a specialisation in natural language processing. He has spent his career to date working for tech companies, including Microsoft and IBM.

In his most recent position as partner research manager at Microsoft, he was in charge of developing new web services enabling companies to build customised speech recognition solutions and extract meaning from sentences, according to his LinkedIn profile.

He has reportedly been tasked with developing a machine learning strategy that could be applied across various divisions of JP Morgan.

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Rick Ketchum, formerly chairman and chief executive of the Financial Industry Regulatory Authority (Finra), has joined Starling, a behavioural analytics technology start-up in the regtech space. Ketchum will sit on Starling’s senior advisory board.

Having worked for Finra between 2009 and 2016, Ketchum previously served as head of regulation at the New York Stock Exchange and was the first chief regulatory officer of the NYSE. He also spent 12 years at Nasdaq and the National Association of Securities Dealers, serving as president of both companies. Out of 14 years of working for the SEC, he spent eight as director of the division of market regulation.