- December 11, 2009 - Merrill Lynch Wealth Management Names New EMEA Head
Merrill Lynch Wealth Management has named David Jervis to succeed Eva Castillo as head of Europe, Middle East and Africa when she leaves the role at the end of the year.
Mr Jervis, a 16-year veteran at Merrill Lynch, is currently head of Bank of America Merrill Lynch’s senior relationship management group for global banking and markets across EMEA.
Part of Mr Jervis’ current role is to develop partnerships between the wealth management and institutional businesses and so he has a valuable perspective of both operations, along with strong relationships across the EMEA re.
- December 11, 2009 - UBS Unveils New Deal To Reward Advisor Loyalty
UBS’ wealth management arm has announced a new compensation programme for its financial advisors that is designed to reward brokers for remaining loyal to the Zurich-listed bank, media reports said.
Robert McCann, chief executive of UBS’s wealth management business in the Americas, announced the new programme in New York yesterday.
Mr McCann has recently joined UBS from Merrill Lynch.
- December 8, 2009 - Citi Pushes For TARP Repayment - Report
Citigroup chief executive officer Vikram Pandit is urging the US Treasury and regulators to agree within ten days on a plan to pay back $20 billion remaining from the federal bailout, according to a Bloomberg report citing unnamed sources.
Mr Pandit stepped up his efforts when Bank of America announced last week that it had won approval to pay back $45 billion of taxpayer funds and exit the Troubled Asset Relief Programme; Citigroup does not want to be the only major US bank still on “exceptional assistance. ”
Citigroup - which operates a large private banking arm - is tryi.
- December 4, 2009 - HSBC Private Bank Appoints Singapore CEO
HSBC Private Bank said today it has appointed Nancie Dupier as the new chief executive for Singapore. She currently holds the post of chief investment officer, head of investment and product group for the Americas.
Ms Dupier will formally take the role on 1 February 2010, succeeding Jimmy So who has headed the business for the past three years.
- December 4, 2009 - BoA Raises $19.3 Billion As TARP Repayment Gets Under Way
Bank of America raised $19. 3 billion selling securities at $15 apiece in the biggest sale of stock or preferred shares by a US public company for at least nine years, Bloomberg reported.
The bank, which plans to repay $45 billion of TARP funds, sold 1.
- December 3, 2009 - Executive Moves - November 2009
UK
The London-listed hedge fund company, RAB Capital, has appointed a former senior executive at the UK’s tax authority, Philip Moore, as a non-executive director. Besides holding the role of chief executive and group finance director of Friends Provident, the insurance firm, he has been chief financial officer of HM Revenue and Customs. He has also worked at AMP, NPI, PricewaterhouseCoopers and Mercer.
- November 23, 2009 - BoA May Extend Hunt For New CEO Into 2010
Bank of America’s board may extend its search for a permanent new chief executive officer into 2010 if directors cannot agree on a candidate in the next three days, news reports said.
The directors, who met last week, may be willing to go past their 26 November target and the scheduled 31 December retirement date of of CEO Kenneth Lewis if it means getting a more acceptable choice.
At least four external candidates, including Citigroup director Michael O’Neill, rebuffed approaches.
- November 20, 2009 - Senior Departure At Citi Private Bank
Meltem Cagan, team head of the Turkish desk at Citi Private Bank in London, has left the bank, WealthBriefing has learnt from a source familiar with the matter.
At the time of publication, her future plans are unknown.
There have been a number of moves to and from the private bank: David Bailin, for example, has joined from Bank of America as managing director and global head of managed investments.
- November 20, 2009 - Citi Private Bank Names New Investment Chief For North America
Steve Bodurtha is joining Citi Private Bank as managing director and head of investments for North America. In this role, he will be responsible for managing the investments platform for Citi Private Bank across the US and Canada.
Mr Bodurtha will report to both Peter Charrington, chief executive of Citi Private Bank in North America and Shantanu Rastogi, global head of investments, the US bank said in a statement.
- November 2, 2009 - Executive Moves - October 2009
UK
Robin Budenberg has been named the new chief executive of UK Financial Investments, the government agency in charge of the holdings in bailed-out British banks. He joins from UBS, where he is currently responsible for senior UK client relationships. He is replacing John Kingman as UKFI head.
