People moves: UBS rehires Ermotti for top job, Citi promotes Selva to COO, and more

Latest job news across the industry

Sergio Ermotti

Copyright: UBS

UBS has rehired its former chief executive Sergio Ermotti (pictured above) to once again take on the top job at the bank. UBS chair Colm Kelleher tapped Ermotti to steer the group’s takeover of failed rival Credit Suisse and manage the integration of the two Swiss mega-banks.

Ermotti has resigned as chairman of Swiss Re, leaving vice-chair Jacques de Vaucleroy to manage the reinsurer’s transition and succession processes.

Ermotti originally left UBS in October 2020 and was succeeded by Ralph Hamers, previously CEO of ING Group. UBS said in a statement that Hamers had agreed to step down as CEO “to serve the interests of the new combination”. He will remain at the bank during the transition period as an adviser.

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Citi has appointed 32-year veteran Anand Selva as its chief operating officer. Selva was previously Citi’s head of personal banking and wealth management and will continue to oversee these divisions. As COO, he is expected to lead Citi’s efforts to bolster its risk management, data governance and internal controls. Selva joined Citi in 1991 and has previously held roles as head of consumer banking in Asia-Pacific and CEO of the US consumer banking division. He succeeds Karen Peetz, who will retire in May after three years as chief administrative officer.

Citi has also hired Andy Sieg as its next head of global wealth. Until recently the head of Merrill Lynch Wealth Management, he will join Citi after a required six-month period of leave. Sieg had been a managing director at Citi between 2005 and 2009, but has spent most of his career at Merrill Lynch. He returned to the firm in 2009 when it was bought by Bank of America, and was head of the wealth management division since 2017. He will replace Jim O’Donnell, who will become Citi’s head of senior client engagement.

Robert Way has been promoted to lead Citi’s UK investment banking team. He replaces Andrew Truscott, who has left the firm to become chief executive of KKR-owned infrastructure investment company John Laing Group. Way, who has been with Citi for two decades, will become part of the executive committee of its banking, capital markets and advisory business in the UK and Ireland.

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Bank of America has promoted Lindsay Hans and Eric Schimpf as presidents and co-heads of Merrill Wealth Management. Hans previously served for six years as a regional division executive. Schimpf spent six years at the division-executive. Both will report to Bank of America chair and CEO Brian Moynihan. The appointments follow the announcement of Andy Sieg’s impending departure for Citi (see above).

James Robertson and Peter Luck have been appointed to lead Bank of America’s UK investment bank in newly created roles. Robertson joins after 22 years at UBS, most recently leading its UK advisory business. Luck is currently Bank of America Securities’ head of corporate broking and will retain these responsibilities alongside his new role.

Thorsten Pauli has been promoted to country executive for Switzerland, following the retirement of Manuel Ebner. He will also continue in his role as head of equity capital markets for Germany, Austria and Switzerland. Pauli has worked for the firm since 2019, following two decades with UBS.

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Lazard has appointed former Citi vice-chairman Ray McGuire as president. McGuire joined the bank on March 8 and is based in New York, where he will be responsible for strengthening senior client relationships and attracting talent globally.

McGuire held a range of senior positions at Citi, including global co-head of corporate and investment banking. In 2021, he ran as a candidate for New York mayor.

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The Depository Trust and Clearing Corporation has made a series of leadership appointments, all of whom will report directly to president and CEO Frank La Salla.

Susan Cosgrove has been named president of clearing and securities services. She replaces Murray Pozmanter, who has retired. Cosgrove, who has served as chief financial officer since 2013, will lead all DTCC’s equity and fixed income clearance and settlement, asset servicing and underwriting, wealth management and institutional trade processing businesses. With her appointment, she also becomes chair of the institutional trade processing board of managers.

Timothy Keady has been appointed chief client officer, with responsibility for leading global sales, relationship management, partners and marketing and communications functions. He is also charged with growing the repository and derivatives services, consulting and data services businesses globally.

Renee LaRoche-Morris joins as chief financial officer from State Street, where she most recently headed the integration management office for the acquisition of Brown Brothers Harriman’s investor services business. LaRoche-Morris will lead DTCC’s global finance, treasury, strategic sourcing, real estate, corporate services, programme management and new initiatives oversight functions. In her earlier career she was a managing director at BNY Mellon.

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Nicolas Jégou

Nicolas Jégou has been appointed CEO of Euronext FX. He joined in 2021 as the CEO’s chief of staff and head of special projects, having previously worked in various roles at France’s finance ministry, the European Commission and the executive office of the French president.

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The UK’s Financial Conduct Authority has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight. Chambers, who has 20 years’ experience at the regulator and its predecessor organisation the Financial Services Authority, is currently director of consumer investments in the FCA’s supervision, policy and competition division.

Smart joins from the National Crime Agency, where he sits on the executive committee as director of intelligence, leading a division of more than 2,000 people. He has also worked in the private sector, where he led the development of an integrated intelligence and investigations department at a major banking group.

Chambers and Smart replace Mark Steward, who has left the FCA after seven years’ service.

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Allison Herren Lee has joined Kohn, Kohn & Colapinto, a law firm based in Washington that specialises in anti-corruption law. She will focus on representing whistleblowers reporting securities, commodities, banking and capital markets law violations. Her appointment follows the completion in July 2022 of her last term as a commissioner at the US Securities and Exchange Commission. Lee had also served as acting chair of the SEC between January 21 and April 17, 2021.

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French markets regulator Autorité des Marchés Financiers has promoted Marianick Darnis Lorca to head of the investigations directorate, where she previously served as deputy head. Lorca joined the directorate in 2015 as an investigator and went on to conduct a series of investigations into insider trading. She takes over from Laurent Combourieu, following his appointment as head of compliance.

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Robeco has hired Ralf Oberbannscheidt as global head of thematic investing, based in Zurich. He will join on May 1 and report to Mark van der Kroft, chief investment officer for fundamental and quant equity. Oberbannscheidt joins from Global Thematic Partners, where he was a founding partner and portfolio manager.

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US law firm Dechert has hired Sam Kay as a partner in its UK financial services and investment management practice. Kay previously spent 25 years at Travers Smith, most recently leading the firm’s investment funds group.

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Japanese asset manager SuMi Trust has appointed Katsutoshi Inadome as senior strategist. Inadome joins from Mitsubishi UFJ Morgan Stanley Securities, where he was a bond strategist. He will be based at the firm’s Tokyo headquarters and report to chief strategist Hiroyuki Ueno.

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Cecilia Gejke

The European Depositary Bank, a Luxembourg-headquartered provider of banking, depositary and custody services, has hired Cecilia Gejke as managing director and member of the executive management board, and Gilda Neiman as a member of the board of directors.

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The Financial Stability Board has appointed new chairs for its standing committees. Nellie Liang, under secretary for domestic finance at the US Treasury, has been appointed as chair of the standing committee on assessment of vulnerabilities. Ryozo Himino, deputy governor of the Bank of Japan, has been appointed chair of the standing committee on standards implementation.

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BNP Paribas has appointed Will Marshall as head of US rates strategy in its market strategy and economics division, Markets 360. He will be based in New York and report to Calvin Tse, head of Americas macro strategy. Marshall joins from Goldman Sachs, where he spent the past five years as a senior G10 rates strategist. He previously held similar roles at Deutsche Bank and Credit Suisse.