People: Shake-up at Goldman, new op risk posts, and more

Goldman Sachs has announced a leadership reshuffle within its investment banking and markets division. The bank has promoted Jason Brauth, Kunal Shah and Anshul Sehgal to serve as global co-heads of fixed income, currencies and commodities. The trio will report to Dan Dees, the co-head of global banking and markets.

Shah has been with Goldman Sachs for two decades, joining as a graduate from Cambridge University. He became managing director at the age of 27 in 2008 and was named the youngest partner in the firm’s history in 2012. In addition to his new role, Shah will serve as co-chief executive of Goldman Sachs International, the firm’s London-based operations, alongside Anthony Gutman.

Brauth joined Goldman Sachs in 2002 and previously served as head of global flow credit trading. Sehgal joined the firm in 2011 and was previously head of non-linear rates trading.

The bank has also appointed Dimitris Bartzilas as its new head of operational risk and resilience for Europe, the Middle East and Africa, reporting to chief risk officer, Alex Golten. Bartzilas previously worked at Credit Suisse as a managing director of non-financial risk, leaving a year ago after a 13-year stint.

At Credit Suisse, Bartzilas was involved in third-party risk management, stress-testing and recovery planning. In his new role, he is responsible for ensuring compliance with new operational risk capital requirements while strengthening cyber risk defences across regional operations.

Elsewhere, Goldman Sachs has named James Ellery and Osmin Rivera as global co-heads of emerging markets trading in fixed income, currencies and commodities. Ellery was previously head of Asia currencies and emerging markets trading and co-head of Goldman Sachs Singapore. He relocated to London at the start of the year. Rivera, who remains co-head of Latin America, was previously head of Americas currencies and emerging markets trading.

PNC Financial Services has appointed John Bauer as its new chief operational risk officer, reporting to chief risk officer Kieran Fallon. Bauer, who has been with PNC since 2016, previously held senior operational risk management roles within the bank. He replaces Ryan Smalley, who has moved to Scotiabank as head of enterprise risk and non-financial risk.

PNC is aiming to strengthen its risk oversight framework, reflecting the growing regulatory emphasis on non-financial risks, including operational resilience, third-party risk, and compliance with evolving US banking regulations.

Options Clearing Corporation has appointed Matt Rathbun as its chief security officer-elect, reporting to the firm’s CEO, Andrej Bolkovic. Rathbun joins from hedge fund Two Sigma, where he served as chief security officer.

As a systemically important clearing house, OCC plays a key role in market stability and risk mitigation. Rathbun will be responsible for enhancing OCC’s security framework, strengthening defence mechanisms against cyber attacks, and ensuring compliance with regulatory cyber security mandates.

Deutsche Bank has appointed Duncan Laugher as its new head of non-financial risk. Laugher will be in charge of risk oversight, defining risk appetites and enhancing accountability for the bank’s risk management framework, across non-financial risks including operational, compliance and reputational risks. Laugher was previously chief operating officer for risk at the bank.

Jason Sippel, formerly co-head of global markets at JP Morgan, has departed after a 23-year tenure to join hedge fund Rokos Capital Management as deputy chief investment officer and global head of markets. In his new role, Sippel will report to Chris Rokos, the firm’s founder.

During his time at JP Morgan, Sippel held leadership positions in Tokyo, Hong Kong, New York and London, and was promoted to co-head of global markets in early 2024. Following his departure, Pranav Thakur, who previously shared the co-head role, assumes sole leadership of JP Morgan’s global markets division.

At Rokos Capital Management, Sippel will focus on further developing the firm’s trading and investment strategies.

Volkan Benihasim has been named global head of foreign exchange, emerging markets rates and commodities at HSBC.

Benihasim takes over from Richard Bibbey, who has relocated from Hong Kong to London to become global head of institutional sales in the markets and securities services division.

Benihasim was previously global head of FX cash and emerging markets rates in Hong Kong, and will remain in the city-state in his new role.

According to an internal HSBC memo, he will look to collaborate with the bank’s global payment solutions team to boost its transaction banking offering with corporate and institutional clients.

Bibbey joined HSBC from Citi in 2016 and served as global head of FX, emerging markets rates and commodities from 2018. He has chaired the Global FX Committee and sits on the Bank of England’s FX joint standing committee.

He takes on the role vacated by Allegra Berman in September last year, and will report to Patrick George, global head of markets and securities services.

Belize Bank Limited has named Raymond Rattan as interim chief risk officer. Rattan was senior enterprise risk management officer at the bank, where he was responsible for risk assessment and mitigation strategies.

Rattan’s appointment follows the departure of Richard Look Kin, who has assumed the position of group chief risk offer at NCB Financial Group. Look Kin’s previous roles include general manager and group chief risk officer for First Citizens Group. He replaces Allison Wynter.

Blythe Masters, a pivotal figure in the development of the credit default swap market, has rejoined JP Morgan as the chairman of its UK securities unit, JP Morgan Securities. Based in London, Masters will work with Anna Dunn, CEO of JP Morgan Securities, succeeding Timothy Flynn, who stepped down six months ago.

Masters’ initial career at JP Morgan spanned 27 years. She left the bank in 2014 following the sale of its physical commodities business to Mercuria.

In 2015, Masters took on the role of CEO at Digital Asset Holdings and led the company until 2018, overseeing projects including the ill-fated Australian Securities Exchange’s efforts to replace its post-trade settlement system with blockchain technology.

Following her tenure at Digital Asset Holdings, Masters co-founded private equity firm Motive Partners in 2019. She also served as group CEO of wealth management platform FNZ starting in August 2024.

Erik Tim Müller, CEO of Eurex Clearing, will step down from the role in March. Muller joined Deutsche Börse in 1997, initially overseeing group treasury and investor relations following the company’s initial public offering in 2001. In 2013, he became a member of the executive board of Eurex Clearing and the Eurex Deutschland Management Board.

Succession plans for the CEO position at Eurex Clearing are expected to be outlined in the coming months.

Slawomir Krupa, chief executive officer of Societe Generale, has been elected president of the European Banking Federation, the umbrella body for national banking associations in Europe. He succeeds Christian Sewing of Deutsche Bank.

Under Krupa’s watch, the EBF will aim to expand its advocacy efforts on European banking regulation, financial stability and capital markets integration. The federation represents around 3,500 banks.

Editing by Alex Krohn