IFR 03.21.2020

International Financing Review March 21 2020 17

Please contact us if you have information about job moves: [email protected]

People

&Markets

„ BLACKROCK has

hired Rimmo Jolly

from Citigroup as

head of its flagship

iShares exchange-

traded funds business

in Asia- Pacific,

effective on May 4.

Based in Hong Kong,

he will report to Susan

Chan, head of iShares

and index investing for

Asia- Pacific. Jolly was

most recently Citi’s

Asia-Pacific and Japan

regional head of ETF

and Index sales and

business

development. He

previously held

positions in Citi’s

prime services

division.

„ Former Goldman

Sachs and UniCredit

banker Theodor

Weimer has been

proposed to join

DEUTSCHE BANK‘s

supervisory board.

Weimer has been CEO

of Deutsche Boerse

since January 2018

and from 2007 to

2017 he worked for

UniCredit in Milan

and Munich, including

as CEO of

Hypovereinbank for

eight years. He

previously worked at

Goldman in Frankfurt

as a partner in its

investment banking

division between

2004 and 2007, after

previously working at

consultancies

McKinsey and Bain.

„ EURONEXT has

appointed Georges

Lauchard as chief

operating officer. He

joined from JP Morgan,

where he has been

chief operating officer

and chief financial

officer of the corporate

and investment bank

technology team since

February 2018. He has

been at the US bank in

London and Hong

Kong for over 20 years,

holding roles including

head of global front

office markets

supervision and COO

of global currencies

and emerging markets

trading. Before joining

JP Morgan he worked

at Paribas in New York.

Former JPM banker’s trial delayed

Former JP MORGAN banker Catherine Leung‘s

trial for alleged bribery has been pushed

back to September as Hong Kong’s courts

remain closed for all but the most urgent

cases because of the coronavirus outbreak.

The trial was due to start on February 25,

although that was delayed after the Hong Kong

Judiciary suspended normal operations not

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#HINESEûPROVINCEûOFû(UBEIûWEREûCONlRMEDû

The trial is now scheduled to start on

September 14 and is expected to last nine days.

Leung, who was JP Morgan’s vice-chair of Asia

investment banking before she left in 2015,

faces two charges related to offering

employment to Ang Ren-yi, the son of Kerry

Logistics’ then chairman Ang Keng-lam, in order

to seek favour when the company selected

advisers for its IPO. She has pleaded not guilty.

Hong Kong’s Independent Commission

against Corruption has alleged that Leung

arranged a job offer to Ang Keng-lam’s son

despite his low grade point average and lack

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according to a court document seen by IFR.

“We are a strong contender. Blink Blink

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she wrote in an internal email in January

2010, according to the court document.

Ang Ren-yi received an offer later that

month and was employed as an analyst at JP

Morgan Securities in Hong Kong from June

2010 to October 2011, with a starting salary

of HK$545,000 (US$70,250) and housing

BENElTûOFû(+ûAûYEAR

Thomas Blott

HSBC makes Quinn permanent CEO

HSBC has appointed Noel Quinn as chief

executive on a permanent basis, seven

months after he was given the job

temporarily following the sudden ousting of

John Flint.

Quinn was considered the frontrunner

for the CEO role after he was given a

mandate to deliver a wide-reaching strategic

plan last month, but the bank was recently

linked with several external candidates,

including UniCredit CEO Jean Pierre

Mustier.

HSBC chairman Mark Tucker said last

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ROLEûBUTûDEEPENINGûTURMOILûINûlNANCIALû

markets due to the coronavirus prompted

him to speed up the decision so regulators

and investors knew there was a permanent

chief dealing with the crisis. Shareholders

and analysts regard Quinn as a “safe pair of

hands”.

“Noel has proven to be the outstanding

candidate to take on a role permanently that

he has performed impressively on an

interim basis since August 2019,” said

Tucker, who led the search.

OUTPERFORMS IN A CRISIS

Quinn, 58, has been at HSBC for 33 years. He

ran the commercial banking arm from 2015

before taking the reins as interim CEO in

August after Flint’s departure. His other

previous roles include running commercial

banking for the UK, director of strategy and

development for North America and a

number of roles in the UK at Midland Bank.

“He is a strong and proven leader with

extensive global banking expertise, deep

client relationships and the energy and skill

to drive the business forward at pace,”

Tucker said. “He has shown a great

understanding of HSBC, the challenges we

FACEûANDûTHEûSIGNIlCANTûOPPORTUNITIESûFORû

growth that lie ahead.”

Quinn announced a major strategic

overhaul last month that included plans to

cut about 35,000 jobs and slash the size of its

investment bank in Europe and the US. The

aim is to reduce costs and shift assets to

faster growing businesses in Asia and the

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"UTûONEûOFûHISûlRSTûJOBSûWILLûBEûTOûREVIEWû

that revamp to see if it needs changing due to

the coronavirus, a senior source at the bank

said. HSBC will review the social, economic

and political impact of the virus, the source

said, adding that the bank could still decide

to proceed with its existing plans.

HSBC shares have strongly outperformed

most bank stocks in the US and Europe in

recent weeks - traditionally they outperform

in weak markets and often underperform in

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liquidity but low growth and modest returns.

In the past month, HSBC shares have

fallen 11%, compared with a 42% slump in

the European banking index and a near

halving in the share prices of Citigroup,

Barclays, Credit Suisse and BNP Paribas.

Asia-focused rival Standard Chartered has

also outperformed, but is still down 28%.

Quinn could be paid up to £9.9m a year in

pay and bonuses. He will receive a base

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allowance of £1.7m and a pension allowance

of £127,100. He could also receive an annual

bonus of up to £2.73m and a long-term

incentive award of up to £4.06m.

Steve Slater

5 IFR PM 2325 p 13 - 22 .indd 17 20 / 03 / 2020 20 : 28 : 44