City watchdog boosts wholesale banking team

THE FSA has brought in another senior investment banker to be an adviser on its regulation of investment banks.

Will Samuel will be seen as another poacher-turned-gamekeeper, joining the regulator to beef up its wholesale expertise.

Samuel, a vice chairman at Lazard since 2003, has been in banking 30 years, including stints at Citigroup and Schroders Salomon Smith Barney.

Chief executive Hector Sants complained yesterday that in the run-up to the crisis, the regulator had “almost no investment banking expertise in the FSA and very little risk analysis expertise”.

Sants had previously been head of wholesale for the regulator, but his job did not include oversight for any of the UK’s universal banks, which were put on the retail side of the organisation.