TARP Overseer Nominated to be CFTC Chairman
President Barack Obama yesterday nominated Timothy Massad, overseer of the Troubled Asset Relief Program (TARP), to be the next chairman of the CFTC as the regulator appears to be moving into a new phase given the recent turnover of commissioners.“For the past few years, Tim has been charged with — let’s face it — the thankless task of winding down a program that no one ever particularly liked, the Troubled Asset Relief Program,” said President Obama in remarks at the White House yesterday. “He’s quietly been very successful at it. President Bush rightly began this program to stop the downward spiral in late 2008.”
Since June 2011, Massad has been serving as the Treasury Department’s assistant secretary for financial stability, overseeing the wind down of TARP, according to the Treasury Department. He previously served as the acting assistant secretary for financial stability. He joined Treasury in May 2009 as the chief counsel for the Office of Financial Stability (OFS). He later became the chief reporting officer for OFS.
Before joining Treasury, Massad was a partner with the law firm of Cravath, Swaine and Moore LLP in New York, according to Treasury officials. His corporate practice was focused on corporate finance, international transactions and representation of some of the firm’s corporate clients. From 1998 to 2002, he was the co-manager of the firm’s Hong Kong office. He also worked in the firm’s London office.
Massad left Cravath from December 2008 to February 2009 to assist the newly formed Congressional Oversight Panel, one of the oversight agencies for TARP, officials say. He served as a special legal advisor to the oversight panel for its first report on the TARP investments.
“Tim started at Treasury as the right-hand man to his predecessor Herb Allison, who passed away earlier this year and was an outstanding CEO as well as a public servant and whose work guiding our financial stability reforms we honor today.” Obama says. “Tim was the right man to succeed Herb, and with a record that reflects a deep commitment to a reform agenda, which is why he’s the right man to succeed Gary as well.”
Massad’s nomination, which needs U.S. Senate confirmation, follows news from Bart Chilton, the media-savvy CFTC commissioner, who declared last week that he is giving up his post by the end of the year. Former commissioner Jill Sommers exited in July and Gary Gensler, CFTC chairman, will step down in January of next year. The remaining commissioners are Mark Wetjen and Scott O’Malia.
Deutsche Bank Names CIO from Boeing
Deutsche Bank has hired technology executive Kim Hammonds from Boeing to be its chief information officer and global co-head of group technology and operations (GTO), officials say.
The incumbent Anthony McCarthy, who has been serving in both roles, has decided to leave Deutsche Bank to pursue other career opportunities, officials say. However, McCarthy will be available to assist in the transition and will be advising the bank until November 15. Hammonds, who is CIO for Boeing, will be joining on November 25.
Hammonds, whose professional career includes roles at Dell and Ford Motor Company, has “an excellent track record in transforming business performance through technology and efficiency,” says Henry Ritchotte, chief operating officer for Deutsche Bank. Hammonds will report to Ritchotte and work with Jim Turley, who remains Global Co-Head of GTO. Hammonds will be based in London.
Nomura Expands IB Team in the Americas
Asian investment bank Nomura is adding six managing directors to its investment banking operation in the Americas, say bank officials. These appointments follow the six senior hires announced in June as part of the firm’s expansion of industry coverage and its capital markets team in the Americas.
The new appointments are:
- Edward Aitken, who has joined Nomura as head of Americas retail investment banking with responsibility for coverage of US-based retailers. Most recently, Aitken was with Viant Group. He has more than 17 years of banking experience including senior roles at Merrill Lynch, where he was a managing director in the retail group; and at RBC Capital Markets.
- Richard Eisenberg, who has joined Nomura as head of media investment banking for the Americas from J.P. Morgan where he was a managing director in the technology, media and telecommunications (TMT) banking group. Eisenberg, who has more than 15 years of banking experience in the TMT sectors, has also worked at UBS.
- Ben Adams, who has joined Nomura’s healthcare industry group covering the healthcare services sector. Adams has 18 years of banking experience including senior roles at Barclays Capital, Bear Stearns and, most recently, BMO Capital Markets where he led the healthcare services practice.
- Christopher Turner, who has joined Nomura’s financial sponsors group in New York where he will focus on large and mid-cap private equity companies. He has more than 25 years of experience in banking and was most recently a managing director in Barclays Capital’s financial sponsors team.
- William Hunter, who has joined Nomura’s global natural resources investment banking group where he will focus on coverage of companies in the mining sector. He has more than 20 years of banking experience including senior roles at Jefferies, where he was a managing director and head of its global mining investment banking group, and Teneo Capital where he focused on providing strategic advice to natural resources and industrial companies.
- Georges Azzam, who has joined Nomura’s mergers and acquisitions team as co-head of Americas M&A. Azzam has more than 25 years of experience in the M&A sector, including senior roles in Salomon Brothers’ M&A group and, most recently, Societe Generale, where he was a managing director and head of North American corporate finance, M&A and ECM activities.
The Tokyo-based Nomura has regional headquarters in Hong Kong, London, and New York.
OneChicago Promotes for Chief Regulatory Officer
Equity finance exchange OneChicago has named Waseem Barazi, who had previously been director of market Regulation as chief 
regulatory officer, and he will oversee strategic leadership and counsel on all regulatory, compliance and commodities and securities law issues for the firm, officials say.
Barazi, who joined OneChicago in 2011, has been providing legal research and analysis regarding the exchange’s regulatory and compliance functions. In 2012, he participated in the Summer Honors Law Program with the SEC in the office of compliance inspections and examinations. He subsequently joined the Financial Industry Regulatory Authority (FINRA), where he was responsible for reviewing and analyzing market data, as well as conducting investigations of potential violations of FINRA rules and federal securities laws.
Barazi will serve as the exchange’s liaison to the CFTC and the SEC. Based in Chicago, he reports to the regulatory oversight committee of OneChicago and David G. Downey, OneChicago’s CEO.
400CM Adds Agency MBS Director
Structured credit investment manager 400 Capital Management (400CM) has added Jason Yeung as director, agency MBS (mortgage-backed securities) trading, officials say. Yeung will lead 400CM’s efforts in analyzing, trading, and managing investment opportunities within the agency MBS market. The firm invests in the credit markets, focusing on residential and commercial mortgage and consumer asset-backed securities.
Before joining 400CM, Yeung was at Amherst Securities, where he was a managing director responsible for trading new issue and secondary agency-backed structured derivatives.
Prior to Amherst Securities, Yeung was a director at Bank of America Merrill Lynch, trading strip IOs and POs, synthetic indices, excess servicing rights, and structured derivatives, officials say. Also while at BAML, he underwrote and distributed several excess servicing deals backed by major servicers, and collaborated with other primary dealers to create synthetic IOS indices.
Ex-BlackRock Governance Head Joins CamberView
Robert Zivnuska, BlackRock’s former head of corporate governance for the Americas, has become a principal with CamberView Partners, an advisor for management and boards of public companies, officials say.
At BlackRock, Zivnuska was responsible for governance and voting engagements with portfolio companies in North America and South America, officials say. He also formulated proxy voting policies for the firm. He also previously served as senior counsel at BlackRock for five years, where he advised the portfolio management group on governance matters and contributed to the development of investment products.
Before BlackRock in 2005, he was a corporate associate at Skadden, Arps, Slate, Meagher & Flom LLP, where he focused on mergers, acquisitions, venture capital investments, and other strategic transactions, officials say.
Oanda Appoints Chief Strategy Officer
Foreign exchange trading services vendor Oanda has appointed Vatsa Narasimha to be executive vice president and chief strategy officer, officials say. A former principal at The Boston Consulting Group, Narasimha is responsible for assessing and managing Oanda’s overall corporate and geographic growth strategies.
Prior to joining Oanda, Narasimha spent eight years at The Boston Consulting Group as a member of the firm’s corporate development and financial institutions practices. He has served retail and investment banks, asset and wealth management firms and worked with exchanges and other institutions on growth strategies, corporate development and operational issues.
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