In other People Moves news, Synechron opens an office and two labs, the SEC keeps its cybersecurity chief, and a Citi board veteran steps down.
Susan Schroeder, EVP, head of enforcement, FINRA
FINRA’s Susan Schroeder Moves Up
Officials at the Financial Industry Regulatory Authority (FINRA) report that they have promoted Susan Schroeder to executive vice president and head of enforcement.
Schroeder has been the acting head of enforcement since the departure of Brad Bennett earlier this year, FINRA officials say. Previously, she served as senior vice president and deputy chief of enforcement.
FINRA also unveiled plans to consolidate its enforcement functions into “a new, unified enforcement group led by Schroeder,” officials say.
“Under the new structure, Schroeder will report directly to CEO Robert Cook. Detailed planning for the consolidation will begin immediately and will be overseen by a steering committee of senior executives,” FINRA officials say. “The committee also will seek input from FINRA’s exchange clients for whom FINRA performs enforcement-related services.”
“A vigorous and effective enforcement program is central to FINRA’s mission of protecting investors and promoting market integrity. After careful study, we have determined that this new structure will better enable this critical program to achieve those important goals in the years to come,” Cook says in a prepared statement. “We look forward to [Schroeder’s] leadership as we continue to focus through FINRA360 on further enhancements to our enforcement program, as well as to other aspects of our regulatory programs and operations.”
In her statement, Schroeder says that “this unified structure will improve our ability to streamline investigations, share information, and maximize our resources to protect investors and the markets.”
Schroeder joined FINRA in 2011, leaving her position as a partner in WilmerHale’s securities litigation and enforcement practice, officials say.
The consolidation to come is a result of FINRA360, the self-regulatory organization’s “ongoing comprehensive self-evaluation and improvement initiative,” officials say. “The new unit ultimately will bring together two distinct enforcement teams within the organization — one handling disciplinary actions related to trading-based matters found through market regulation’s surveillance and examination programs, and the other handling cases referred from other regulatory oversight divisions including member regulation, corporate financing, the office of fraud detection and market intelligence, and advertising regulation.”
Synechron Opens Two FinLabs
Synechron Inc., a financial services consulting and technology services provider, reports that it has opened two new financial innovation labs, one in New York City, in Synechron’s new headquarters at 11 Times Square, and the other in Charlotte, NC.
The FinLabs are innovation showcases, the vendor says, to “enable businesses to touch, feel and experience first-hand the latest developments in financial technology and what is driving the customer experience today.”
The newest FinLabs bring the Synechron total to nine, with “other locations in Fort Lauderdale, Amsterdam, London, Dubai, Hyderabad, Bengaluru, and Pune,” according to the company’s statement.
The company also points out that the “labs in Charlotte and New York are now open and fully operational,” with technologies on display that include “artificial intelligence, blockchain, chatbots, Robotic Process Automation (RPA), mobile apps and biometrics, virtual reality (VR) and augmented reality (AR), natural language processing, gamification models and digital experiences outlining how the user experience will evolve in a digital-first world.”
SEC Keeps its Cybersecurity Chief
Christopher R. Hetner, senior advisor to the chairman, SEC
The SEC reports that Christopher R. Hetner will continue in his post as senior advisor to Chairman Jay Clayton for cybersecurity policy, having previously served under former-Chair Mary Jo White and former Acting Chairman Michael Piwowar.
Hetner has “more than 20 years of experience in information security and technology,” according to an SEC statement. “He joined the SEC in January 2015 as the Cybersecurity Leader for the Technology Control Program in the SEC’s Office of Compliance Inspections and Examinations, where he coordinated cybersecurity efforts and advised on enforcement matters.
“Prior to joining the SEC, Mr. Hetner led Ernst and Young’s Wealth and Asset Management Sector Cybersecurity practice and was the Chief Information Security Officer at GE Capital,” according to the SEC. “Mr. Hetner also implemented information security and regulatory compliance programs for Citigroup’s Institutional Client Group global business and technology units.”
Citi Board Veteran Steps Down
Citi’s board of directors reports that William S. Thompson, Jr. has retired from the board.
He has served on Citi’s board since 2009 and has been chairman of the personnel and compensation committee since 2014, in addition to being a member of the executive and risk management committees.
Thompson was the CEO of Pacific Investment Management Company, better known as PIMCO, from 1993 to 2009. Before that, he was chairman of Salomon Brothers Asia Ltd. in Tokyo, from 1991 to 1993.
Thompson is retiring just ahead of reaching the board’s mandatory retirement age. He will remain “actively involved with a number of philanthropic and civic activities,” according to a statement.
Citi tallies “approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.
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