BofA overhauls management team, names Alastair Borthwick CFO
Bank of America announced its most significant leadership changes since the financial crisis, replacing the chief financial officer and elevating five new members to the senior management team, including three women. Alastair Borthwick, president of global commercial banking, will replace CFO Paul Donofrio next quarter, the company said Friday in an internal memo. Dean Athanasia, head of the consumer and small-business unit, will take on a larger role at the firm by adding responsibility for the commercial bank. With the shake-up, Bank of America is paving the way for a new generation of leaders under Chief Executive Officer Brian Moynihan, and follows in the wake of last month’s announcement that Chief Operating Officer Thomas Montag, who was also responsible for the investment-banking operation, plans to depart at year-end. Matthew Koder, president of corporate and investment banking, and Jim DeMare, president of global markets, will continue in their roles but take on more responsibility to fill the void that Montag, 64, leaves in the investment-banking division. The bank also announced senior departures, including Sanaz Zaimi, head of fixed-income, currencies and commodities sales. Zaimi rose under Montag as one of the most senior women in the investment-banking division. She took the lead on international banking deals and moved to head of FICC sales amid an executive shake-up in 2020.
Citigroup hires JPMorgan dealmaker Brian Truesdale for technology banking push
Brian Truesdale, global head of software investment banking at JPMorgan, has joined Citigroup as chairman of global technology banking, capital markets and advisory, according to an internal memo seen by Financial News. He has spent the past six years at JPMorgan, having previously worked at Deutsche Bank for 12 years, where he was global head of software investment banking and previously co-head of technology investment banking in the Americas. "Brian will work closely with Mark Keene and Herb Yeh, our co-heads of global technology BCMA, in setting our strategic client agenda," the memo from Philip Drury said. Drury was previously head of BCMA for Europe, the Middle East and Africa at Citigroup, but relocated from London to San Francisco earlier this year to head up a new technology and communications investment banking team.
UniCredit hires ex-UBS dealmaker Sam Kendall in senior banker role
Sam Kendall has joined the UniCredit as head of all industry coverage, advisory, public and private equity and debt capital markets, according to an internal memo seen by Financial News. The wide-ranging role will help "accelerate the growth in these business areas" the memo from UniCredit's head of corporate and investment banking, Richard Burton, said. Kendall was one of UBS's most senior investment bankers, holding numerous senior positions at the Swiss bank during a 20-year career there. He has headed up its equity capital markets unit globally, as well as leading its investment bank in the Americas and Asia-Pacific during his time there. He left in July last year.
Mizuho hires senior healthcare and industrials investment bankers
Mizuho's Americas arm has hired two managing directors from rival firms as part of a push to build out its U.S. investment banking bench. Kevin Davies is joining the firm as co-head of health care from Cantor Fitzgerald and Atish Basu is joining as head of industrials from Lazard, according to a person familiar with the matter. They’ll be based in New York.
Citi appoints new global clearing boss following departure of co-heads
Citi has appointed a new global head of clearing following the departure of former co-head Sabrina Wilson, who has left the bank just weeks after fellow co-head Chris Perkins, The TRADE understands. Mariam Rafi, who is currently head of clearing and FX prime brokerage for North America and has been with Citi 2011, will take sole control of the division, according to a source familiar with the matter. Perkins departed earlier this month for crypto-focused investment fund CoinFund as president and managing director. He had been with Citi for 13 years, having founded its global OTC clearing business and led its integration into FCX during his tenure. Wilson joined Citi in 2017 as European head of the OTC clearing and prime brokerage (FCX) business and global head of FCX electronic execution.
Citadel has outpaced its multi-strategy rivals so far this year
Citadel is up nearly 10% for the year through August in its flagship Wellington fund after returning 3.5% last month, people familiar with the fund tell Insider. The hedge fund is also up nearly 10% in its Tactical Trading multi-strategy fund, which pulls from equity and quant portfolio managers after being originally started as a high-frequency trading vehicle. The firm's global fixed income business was flat for the month of August and is up 7.5% for the year. Griffin has outpaced multi-strategy rivals such as Point72, Millennium, and ExodusPoint this year. Millennium is up 8.6% for the year, while Point72 and ExodusPoint are each up roughly 4% in 2021, according to sources familiar with the funds. Citadel's Wellington fund also had a great 2020. It returned 24.4% for the year — its best performance in 8 years.
