Morgan Stanley shakes up leadership as race for CEO successor intensifies May 20, 2021 Morgan Stanley announced a number of leadership changes and set off a competition between potential successors to replace Chief Executive Officer James Gorman in the next few years. In a statement Gorman said the announcement “reflects the next generation of leadership at Morgan Stanley.” “I am highly confident one of them will be the CEO in [...]
FCA charges Ian Hudson with fraudulent trading and defrauding creditors May 20, 2021 City watchdog The Financial Conduct Authority (FCA) just announced it has launched criminal proceedings against Ian James Hudson, following an investigation. The FCA said that Hudson appeared at Westminster Magistrates’ Court in relation to three charges. This includes carrying on a business, namely Richmond Associates, with the intention to defraud creditors and carrying on regulated [...]
Exclusive: ‘When I started, diversity didn’t really exist’, says Bank of America’s international head of ESG May 19, 2021 In this series, City A.M. zooms in on a range of successful women in the Square Mile, some being movers and shakers in their respective fields – rule makers, not rule takers – while others are rising stars worth keeping an eye on. Today: Andrea Sullivan, international head of ESG at Bank of America. An M&A [...]
Santander boss Ana Botin defends Andrea Orcel CEO offer as top bankers face off in court May 19, 2021 Santander boss Ana Botin defended the bank’s actions in a court hearing in Spain today over the withdrawal of an offer more than two years ago to make Italian banker Andrea Orcel its chief executive. The very public row, which has offered a rare glimpse into the inner workings of a top bank, ended up in [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 19, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Ex Co-op CEO joins Boomin’s board Property site Boomin has bagged itself a retail veteran this week, who is set to join the board as a non-executive director at its next [...]
Deutsche Bank lures Barclays veteran Daniel Ross to head UK investment banking coverage May 19, 2021 Deutsche Bank has recruited senior Barclays banker Daniel Ross to head its investment banking coverage in the UK and Ireland. Ross is currently Barclays’ vice chairman for UK investment banking and its global head for media banking. He has been based in Canary Wharf for more than 12 years, but will move to the City [...]
Senior Credit Suisse bankers flee to Barclays, Goldman and Citi after Archegos disaster May 19, 2021 About a dozen managing directors at Credit Suisse have recently left the banking giant or are in the process of doing so, with most of them poached by rivals including Barclays, Goldman Sachs and Citibank. Moreover, a range of senior bankers are expected to announce their departure in the coming weeks, with several others also [...]
Deutsche Bank taps US general counsel to lead white collar crime unit May 18, 2021 Deutsche Bank has tapped its US general counsel to become global head of anti-financial crime and group anti-money laundering officer, the lender said today. In a memo to employees seen by Reuters, the German banking giant said Joe Salama would head up its efforts to crack down on white collar crime. Deutsche Bank has come [...]
JP Morgan Chase: Potential successors to Jamie Dimon move up as Pinto becomes sole president May 18, 2021 In a reshuffling of its top ranks, JP Morgan Chase has raised up two potential successors to chief executive Jamie Dimon while co-chief operating officer Gordon Smith will step down from his roles at the end of 2021. The two possible earmarked successors, Marianne Lake and Jennifer Piepszak, will take new roles as Daniel Pinto [...]
Frost: City of London needs to ‘get on and do its own thing’ post-Brexit May 18, 2021 Lord David Frost has said City of London firms need to “get on and do its own thing” post-Brexit as he signals that equivalence is unlikely. Boris Johnson’s UK-EU relations minister also told a House of Lords committee today that Brussels will continue to take decisions on equivalence that are “in their interest”. UK financial [...]