People moves: Barclays names ‘digital’ leaders for markets, JP Morgan promotes Fernandes, and more

Latest job changes across the industry

Nas Al-Khudairi: Barclays promotion

Barclays has made three senior appointments in its corporate and investment bank, as part of a “digitalisation” drive in its markets business, a spokesperson said.

Nas Al-Khudairi has been promoted to oversee the electronic trading platform, adding to his current responsibilities as global head of electronic equities and head of cash equities for Europe, Middle East and Africa (Emea).

Mauricio Sada-Paz joined Barclays at the start of July in a newly created role of global head of electronic fixed income, currencies and commodities (eFICC) product and distribution. London-based Sada-Paz has been tasked with leading the execution of the bank’s global eFICC strategy across credit, foreign exchange and rates.

Previously, he spent eight years at Bank of America Merrill Lynch, most recently as global head of electronic forex sales and head of eFICC sales for Emea. Before that he worked at Goldman Sachs for 12 years.

Brett Tejpaul has taken on an expanded role of head of digital strategy for markets, in addition to his position as head of client strategy for markets.

“With advancements in technology rapidly disrupting the status quo, our digital strategy is instrumental for us to defend our business and pursue new revenue opportunities,” the spokesperson said.

“Barclays has committed to significant investment to build our overall digital platform across the group and specifically to improve our electronic offering. We can create further client value and bring efficiencies to our business by having our electronic teams working closer together across macro (rates and foreign exchange), credit and equities.”

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Paul Fulcher, head of asset-liability management structuring for insurers and pension funds at Nomura, is set to leave the bank at the end of September, Risk.net understands.

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It is not yet clear what he will do next, but he may move to a consultancy. Nomura declined to comment.

Fulcher, who is trained as an actuary, joined Nomura in October 2012. Part of his job there has been to help insurers around the European Union to use derivatives to reduce their capital burdens, and make them less volatile by stabilising their balance sheets, as required by the EU’s Solvency II directive.

Previously Fulcher also worked for Royal Bank of Scotland and UBS.

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JP Morgan has promoted Rui Fernandes to head of global equity derivatives structuring, a newly created role, according to an internal memo seen by Risk.net.

Fernandes has been with the bank for 11 years, most recently as head structuring for Emea. He will report to Fater Belbachir, global head of equities volatility trading.

Before joining JP Morgan, Fernandes worked in the fund derivatives structuring team at Lehman Brothers.

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Damian Harland has been named global head of liquidity risk at HSBC, he tells Risk.net. He was previously managing director in group treasury at Barclays.

London-based Harland has also held roles at the Bank of England, the UK’s Financial Conduct Authority and BMO Capital Markets, according to his LinkedIn profile.

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Ted Pick has been appointed head of the institutional securities group at Morgan Stanley, the bank said in an internal memo.

In his most recent role, Pick helped turn around the bank’s fixed-income business. He began his career at Morgan Stanley in investment banking, working for a decade in global capital markets and eventually leading that business. He then ran the institutional equities business.

Pick will report to Morgan Stanley’s president Colm Kelleher.

The memo also stated Franck Petitgas would become head of the US bank’s international business, reporting to Kelleher. Petitgas has served as co-head of investment banking since 2013.

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Goldman Sachs has announced that David Solomon will become its new chairman and chief executive officer (CEO) after Lloyd Blankfein retires later this year.

David Solomon

Blankfein will step down as CEO on September 30 and will then retire from the firm at the end of 2018, leaving the chairman position. He has held both roles since 2006. After his retirement, Blankfein will assume the title of senior chairman.

Solomon is currently president and co-chief operating officer at the bank. Before moving into those roles in 2016, he was global co-head of the investment banking division.

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Harry Moumdijan has been hired as global head of forex sales at BNY Mellon, the company said in an emailed statement. He is based in New York and will report to Adam Vos, global head of forex.

The newly created role will bring forex teams around the world under one leader. Moumdijan will review the currency product suite as the firm continues to build a full-service forex platform.

Previously, Moumdijan was at Morgan Stanley, where he ran their DeltaFX and e-FX sales functions. He spent the earlier part of his career at Goldman Sachs, Bank of America and Citibank.

BNY Mellon has also tapped John Velis for the role of forex and macro strategist for the Americas. Velis is joining from State Street, where he worked in macro research. He is based in New York and will report to Simon Derrick, chief currency strategist.

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Credit Agricole has named Jacques Ripoll as the new chief executive of its corporate and investment bank (CIB), the bank said in a statement. He will succeed Jean-Yves Hocher, who is retiring at the end of the year.

Ripoll will also assume resposibility for Credit Agricole’s major clients division, comprising the CIB, wealth management and services to institutional investors and non-financial corporations.

Jacques Ripoll

He will join on September 3 and will be based in Paris, according to a spokesperson. He will take on his full responsibilities following Hocher’s departure.

Ripoll spent a large part of his career at Societe Generale before moving to his latest position as head of Santander’s corporate and investment bank.

As part of a broader management reorganisation of Credit Agricole’s CIB, Alexandra Boleslawski replaces Jean-François Balaÿ as head of risk and permanent control. Balaÿ will be in charge of structured finance, debt optimisation and distribution, distressed assets, and international trade and transaction banking. 

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Societe Generale has recruited Claire Calmejane as its chief innovation officer, it said in a statement. She will start on September 3 and report to chief executive Frédéric Oudéa. She will also be a member of the group management committee.

Calmejane’s role will be “to foster a culture of innovation” and to identify new business opportunities and services for customers. She will also be in charge of investments in internal and external startups.

A spokesperson adds that Calmejane is expected to be based in France but will travel internationally.

She was most recently risk transformation director at Lloyds Banking Group and earlier in her career worked for Capgemini Consulting.

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Bank of America Merrill Lynch has reshuffled the senior ranks of its fixed-income operation, Risk.net understands. Will Roberts has left his position as head of global rates and counterparty portfolio management. He has been replaced with two co-heads: Kavi Gupta, previously head of liquid rates trading for the Americas, and Michael Stanley, formerly global head of derivative valuation adjustments and co-head of global non-linear trading.

They will both report to James DeMare and Bernard Mensah, co-heads of global fixed income, currencies and commodities trading at BAML.

Roberts joined the bank in 2011 and was named head of global rates and structured credit in 2013. He is also a board member of the International Swaps and Derivatives Association. Before BAML, he ran the structured credit business at Goldman Sachs.

Gupta has been at BAML since 2006 and Stanley joined in 2015. Previously, Stanley was at Goldman Sachs.

BAML declined to comment.

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Daryl Byrne has been named chief executive of Euronext Dublin after Deirdre Somers resigned from the role, the company said in a statement.

Byrne is currently chief regulatory officer at Euronext Dublin, which was known as the Irish Stock Exchange before Euronext acquired the bourse earlier this year. He held a similar role at the Irish Stock Exchange.

Byrne will also become head of debt and funds listings and exchange-traded funds, and a member of the managing board of the Euronext group.

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Elizabeth King, general counsel of NYSE Group, has joined the board of directors of equity derivatives clearing organisation the Options Clearing Corporation as an exchange director, OCC said in a statement. She is filling a vacancy created by the departure of NYSE group president Thomas Farley in May.

As general counsel, King manages the legal department for NYSE Group. Previously she was deputy general counsel and global head of regulatory affairs at securities trading firm KCG Holdings.

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TP Icap has replaced its chief executive John Phizackerley with Nicolas Breteau. It announced the change in a trading update in which it also revealed growing costs are expected to put pressure on the business in the months ahead.

“It has become clear that a change of leadership is required to execute our medium-term growth strategy,” said TP Icap chairman Rupert Robson.

John Phizackerley

Phizackerley, a former Lehman Brothers and Nomura executive, took charge of the then-named Tullett Prebon in 2014, steering it through a £1.28 billion ($1.67 billion) deal to purchase the voice-broking business of Michael Spencer’s Icap, which created TP Icap in 2016.

TP Icap had expected the merger to create annualised cost savings of £100 million by 2019, but this target was revised to £75 million. The trading statement also warned of “ongoing cost headwinds of around £10 million” related to Brexit, regulatory and legal costs and IT security, adding that was expected to increase to £25 million in 2019. 

Breteau was most recently head of TP Icap’s global broking business. He joined Tullett Prebon in 2016 as chief commercial officer. 

The group has separately named Robin Stewart as its chief financial officer. Stewart has been the company’s interim chief financial officer since November 2017.

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Northern Trust Asset Management has appointed Marie Dzanis to lead its business across Emea, it said in a statement.

Dzanis will be based in London. Her newly created role will include responsibilities for governance, business management, business development and talent management.

She was most recently head of intermediary distribution at Northern Trust Asset Management in Chicago.

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Matthew Daigler has joined the Commodity Futures Trading Commission as a senior counsel to chairman Christopher Giancarlo, the CFTC announced.

As part of his duties, Daigler will advise on Giancarlo’s swaps reform agenda as set out in an April whitepaper, described by the chairman as an update to the Dodd-Frank Act.

Prior to joining Giancarlo’s office, Daigler spent three years as an associate at the Washington, DC-based office of Allen & Overy, where he advised financial institutions on regulatory matters, including CFTC swap dealer registration and compliance with CFTC swap rules.

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Mark Spanbroek

Mark Spanbroek has been elected as the new chairman of the FIA European Principal Traders Association, it said in a statement. The election follows a decision by current chairman Remco Lenterman to step down.

Spanbroek helped found FIA EPTA in 2011 and is stepping up from his role as vice-chairman. Previously he worked at electronic market-making firm Getco.

FIA EPTA is made up of 28 principal trading firms who trade their own capital in futures, options and equities markets.

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Lee McCormack has been named head of collateral product management and professional services at financial technology firm AcadiaSoft, it said in a statement.

He will be in charge of extending the firm’s CollateralManager service, which provides end-to-end collateral management for the buy side, to new customers, and improving the service.

McCormack was previously head of strategy and product development at web-based collateral management system CloudMargin.

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Financial consultancy Parker Fitzgerald has appointed Kyle Hastings as lead partner in its recently established cyber risk practice and Chris O’Driscoll as lead partner in its RegTech practice.

Hastings was most recently director of cyber risk advisory at Deloitte. He has also worked at Barclays’ investment bank and VTB Capital.

In his new role, he will oversee Parker Fitzgerald’s partnership with Holistic Cyber, a specialist in cyber defence and data security originating from the Israeli Defence Force.

O’Driscoll, for his part, will focus on helping financial companies use emerging technologies to reduce the cost of meeting compliance and reporting obligations.

Parker Fitzgerald was named consultancy of the year in the Operational Risk Awards 2017.

Additional reporting by Stella Farrington, Robert Mackenzie Smith and Callum Tanner

Editing by Olesya Dmitracova