People: Risk shake-up at Santander, JPM juggles markets, and more

Andrea Pozzi, global head of non-financial risk at Santander, has left the bank. She plans to work in advisory, on a freelance basis in Madrid. Pozzi says her focus will be on financial industry change.

“The financial industry is at an inflection point, it has to transform,” she says.

Pozzi had already ventured into freelance advisory with her firm Percival Advisory, which she ran for a year, before joining Santander in 2018. Enrique Muñoz, previously global head of non-financial risk framework, capital, reporting and internal control, will take over Pozzi’s responsibilities but under the title of group chief operational risk officer.

JP Morgan’s markets business has undergone a revamp in the last month. Jason Sippel and Pranav Thakur will become co-heads of the division. Sippel was previously global head of equities, credit markets and public finance, while Thakur was head of macro markets.

The pair will replace Troy Rohrbaugh and Marc Badrichani. Rohrbaugh has been promoted to co-chief executive officer of JP Morgan’s newly combined commercial and investment bank. He will be joined by Jennifer Piepszak, who previously held the role of co-CEO of consumer and commercial banking. Badrichani is to leave JP Morgan.

Jason Sable, head of the US Treasury trading desk at NatWest Securities, has left the firm. Sable began running the desk in January 2022. He joined the US arm of NatWest Markets from BNP Paribas, where he directed the bank’s US rates trading business. Sable held prior roles at Credit Suisse, Mizuho and UBS.

Jim Esposito, co-head of global banking and markets at Goldman Sachs, has stepped down from his role, states an internal memo seen by Risk.net. Esposito is a 29-year veteran of the firm, joining in 1995, and making partner in 2006. He will stay on as a senior director. In recent years, Esposito helped merge the global markets and investment banking franchises to form the global banking and markets business.

UBS continues to reshuffle staff following the takeover of Credit Suisse in March last year. Neil Willey will become head of capital markets financing for Europe, the Middle East and Africa. Willey previously led securities lending and borrowing as well as equity finance trading and synthetic prime brokerage in the Emea region.

Chirag Dadlani will be responsible for the Emea inventory management and global index team, reporting to Willey. Michael Davis will co-ordinate the inventory management activity across global developed markets, in addition to his current role as head of US inventory management.

UBS’s executive board has also had a rejig. Suni Harford will retire as president of the asset management unit, to be replaced by Aleksandar Ivanovic, currently head of asset management for Emea and Switzerland. Ivanovic first joined UBS in 1992, although this time has been interspersed with spells in leadership at Credit Suisse and Morgan Stanley. 

Harford had also been the bank’s group executive board lead for sustainability and impact. Those duties will be taken over by Beatriz Martin Jimenez, alongside her current roles which include UK chief executive.

Nomura has hired Credit Suisse exile Jérôme Brochard as global head of quantitative investment strategies (QIS) structuring. Brochard will also become Emea head of QIS distribution. In the newly created role, Brochard will report jointly to John Goff, global head of structuring, and Gary Hyman, head of Emea global markets sales. Brochard will be based in Paris.

Natixis Corporate & Investment Banking has a new global head for its anti-fraud unit as of January. Francois Bourgain joins the French bank from a five-year spell at the Australian Securities Exchange, where he was head of technology risk. Bourgain will be based in Paris.

Agus Sudjianto, head of corporate model risk at Wells Fargo, has stepped down after more than 10 years at the Charlotte-based firm. Previously, he had stints at Lloyds Banking Group, Bank of America, and Ford. Sudjianto is to retire, and intends to help the banking industry on AI risk management and validation. At the time of writing, Sudjianto’s replacement has yet to be chosen.

Robbert Booij has left his role as chief executive officer of ABN Amro’s European clearing operations to become CEO of Eurex, starting in May 2024. Booij succeeds Michael Peters, who has been CEO of Eurex since July 2020 and has been on the group’s executive board since 2006. Booij took up his final position at ABN Amro in March 2018.

Canadian exchange group TMX has lost two risk officers. John Lowes, managing director of enterprise risk management, left the group according to his email signature. The chief of enterprise risk and compliance, Leslie Johnson, also left the group in December according to her LinkedIn. The moves coincide with the promotion of Yulia Travis to chief audit and risk officer, again, according to her LinkedIn. Travis joined TMX in January 2023 as deputy chief internal auditor.

The Options Clearing Corporation has gained a new chief financial risk officer-elect. Massimo Cutuli, who was previously head of risk at Optiver, will join the clearing house in March, when the existing chief financial risk officer Dale Michaels retires. Cutuli will take control of OCC’s market, credit and liquidity risk, default management, and customer margin methodologies. Prior to Optiver, Cutuli worked as head of risk for Citadel Securities as well as in banking at JP Morgan and Goldman Sachs.

Quintet, the Luxembourg-based private bank, has gained a new chief risk officer in Christine Lynch. Lynch was previously chief risk officer for the wholesale business, and markets and securities services at HSBC. She was also head of enterprise risk for Europe at the bank. She succeeds Philip Tremble, who retired from the post last year after more than 40 years in the banking industry.

Three external members of the UK’s Prudential Regulation Committee have been reappointed to serve further three-year terms. John Taylor, Antony Jenkins and Tanya Castell will see their terms renewed in January, April and September 2024 respectively. Taylor also serves as a member of the Scottish Taskforce for Green and Sustainable Financial Services, among other roles. Jenkins founded 10x Future Technologies Group, a company that aims to redefine how banks operate and engage with customers. Castell is also a member of the Financial Conduct Authority’s regulatory decisions committee.

The Bank for International Settlements has announced leadership changes. Luis Bengoechea will take over as head of the banking department, starting on June 1, 2024 for a five-year term. He steps up from his role of deputy head of the banking department and head of Treasury. Bengoechea joined BIS in 1998 having previously worked in the private sector. He replaces Peter Zoellner, who has been head of the department since 2013, and who will retire at the end of May.

Also at the BIS, Hyun Song Shin will assume the role of head of the monetary and economic department, effective January 2025. He succeeds Claudio Borio who will retire at the end of 2024.

Sabine Mauderer, executive board member of Deutsche Bundesbank, will replace Ravi Menon as chair of environmental interest group, the Network for Greening the Financial System, following the end of his two-year term. Menon is the recently retired head of the Monetary Authority of Singapore. Fundi Tshazibana, deputy governor of the South African Reserve Bank, becomes vice-chair. Both will serve two-year terms, ending in 2026.

The Master of Science in Computational Finance programme at Carnegie Mellon has a new executive and programme director. Robert Simon will take over from Rick Bryant to lead the programme, following the latter’s retirement. The university ranked eleventh for its quantitative master’s programme in the latest version of Risk.net’s Quant Master’s Guide.

Editing by Alex Krohn