In other People Moves, Deutsche Bank hires for credit trading, Barclays parts company with a group chief compliance officer, and Digital Asset bolsters its executive team.
Stuart Gulliver to Retire February 2018
Stuart Gulliver, group chief executive, HSBC Holdings
HSBC Holdings plc reports that John Flint, 49, chief executive of retail banking and wealth management, will succeed Stuart Gulliver as executive director and group chief executive, following Gulliver’s retirement in February 2018.
Flint’s remuneration in his new post will consist of a “base salary of £1,200,000 per annum [$1,582,494], a fixed pay allowance of £1,700,000 [$2,241,995] per annum and a pension allowance of £360,000 [$474,765] per annum equal to 30% of his base salary,” according
John Flint, chief executive, retail banking & wealth management, HSBC
to HSBC, which notes also that Flint’s service contract “provides for discretionary variable pay that consists of an annual incentive award up to a maximum value of 215% of base salary, and a long-term incentive award up to a maximum of 320% of base salary. This is determined by reference to the performance and profitability of the Company as well as his personal performance.”
Flint joined HSBC in 1989, per the statement.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London.
Deutsche Bank Makes Credit Trading Hires
Deutsche Bank reports two recent senior appointments in its credit trading business, including a new global head of investment grade credit trading, Paul Huchro, who also becomes head of high yield credit trading in the U.S. and Europe.
Huchro joins after three decades at Goldman Sachs, where he led the U.S. credit trading team, according to a statement from Deutsche Bank, which also notes that most recently he was head of U.S. flow credit trading from 2010 to 2016.
In addition, the bank has hired Tian Zeng, most recently head of credit derivative trading at Citadel Securities, to be a director and senior credit index trader.
Group Chief Compliance Officer at Barclays Departs
Michael Roemer, departing group CCO, Barclays
Barclays reports that its group chief compliance officer, Michael Roemer, is leaving to head compliance at what it characterizes as a “major” U.S. bank.
That major U.S. bank is Wells Fargo, which reports on its own website that Roemer will join the company in January and be based in San Francisco.
Laura Padovani, currently Barclays’ head of global compliance services, will act as interim group chief compliance officer, while an “internal and external search for a successor is undertaken,” the bank says in a statement, which notes that she will report to C.S. Venkatakrishnan, Barclays’ chief risk officer (CRO).
Barclays describes itself as a “transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management.”
Digital Asset Names New Chief Information Officer/CTO
Digital Asset, a distributed ledger technology (DLT) pioneer for the financial services industry, is bolstering its DLT efforts via a new cash infusion and a key addition to its executive team.
The vendor reports that it has raised more than $40 million of Series B financing “from existing and new investors, led by Jefferson River Capital,” and is hiring Clyde Rodriguez, former co-chief technology officer (CTO) of Two Sigma Investments, as its new chief information officer (CIO) and chief technology officer (CTO) of engineering.
Rodriguez has more than 20 years of enterprise software and cloud development experience, including the early days of Microsoft’s Azure Cloud organization. He formed and led the Azure Cloud Networking group as general manager. He also led the Microsoft Windows Division in creating and delivering the company’s first 64-bit Windows Client and Server x64 Edition operating systems.
Officials say that this latest effort increases the total funding raised by Digital Asset to more than $110 million to be put toward expanding the vendor’s global presence.
“Distributed Ledger Technology has the potential to bring greater transparency, security and efficiency to financial services and beyond. We are in the early stages of an important technological transformation that requires strong engineering discipline to deliver credible and practical solutions,” Rodriguez says in a statement.
Rodriguez will be part of Digital Asset’s executive committee, and will report to CEO, Blythe Masters, officials say.
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