16 International Financing Review September 8 2018Who’s moving where...
TSB CHAIRMAN RICHARD MEDDINGS AFTER CEO PAUL PESTER GOES, P
Marco Meijer has joined
BNP PARIBAS as a
senior interest rate
strategist in London, a
newly created role.
Meijer joined from
Pioneer Investments in
Dublin, where he was a
senior portfolio
manager for nine
years. He previously
worked as a trader at
JP Morgan,Susquehanna
International Group
and Commerzbank.
Meijer will report to
Laurence Mutkin,
global head of G
rates strategy.Boutique investment
bank PJ SOLOMON
has hired Mark
Hootnick from Millstein
as a partner in its debt
advisory and
restructuring group.
Hootnick is jumping
ship just as Millstein,
founded by former
Lazard banker Jim
Millstein, merges with
Guggenheim. Hootnickhas more than 20
years of restructuring
experience. He began
his banking career at
Wasserstein Perella,
was a founding
member of Miller
Buckfire, and worked
at Greenhill, Imperial
Capital, Gleacher and
Moelis before joining
Millstein.StanChart restructures, hires COO
STANDARD CHARTERED has hired David Whiteing
from Commonwealth Bank of Australia as chief
operating officer and expanded the role with the
aim of improving efficiencies and accelerating
its push to bring in new technology.
The Asia-focused bank said Whiteing will
join on September 10 and be based in
Singapore, reporting to CEO Bill Winters.
His role will include running country
operations teams that previously sat within
Standard Chartered’s informationtechnology operations. The bank said the
new structure will free its technology teams
to focus on resilience and innovation, while
the enlarged COO group will provide better
support for clients and business units.
Doris Honold, current COO, will help set up
the new structure and take a new role at a
later date. Michael Gorriz, chief information
officer, will continue to lead the digital
transformation and innovation
programmes.Whiteing was chief information officer
for enterprise services at CBA. He has been
at the Australian bank for five years, and
was previously an adviser at McKinsey & Co
and worked for oil major BP and Accenture,
according to his LinkedIn profile.
Whiteing was one of several high-profile
departures announced by CBA shortly after
Matt Comyn was picked as CEO in January
following the resignation of his predecessor,
Ian Narev, amid a money-laundering scandal.
CBA said in March that Whiteing, head of
institutional banking and markets KellyCrisis era chiefs fret over emergency tools
Leading central bankers involved in the 2008
financial crisis that followed the collapse of
Lehman Brothers said subsequent reforms have
reduced the flexibility of policymakers to deal
with future global investment bank failures.
The report by the G30, co-chaired by Tim
Geithner, the former US Treasury secretary
in charge of the New York Federal Reserve
when Lehman failed, said the main obstacle
to defusing such situations was changes in
US policy.
Geithner, together with co-chair Guillermo
Ortiz, former governor of the Bank of Mexico,
and vice-chair Axel Weber, former president
of the Bundesbank and now chairman of UBS,
said that, unlike other jurisdictions, the US
had no effective lender of last resort to inject
liquidity if a major bank failed.
“The US is unique among major
jurisdictions in the extent to which it
curtailed its emergency powers post-crisis.
We are concerned that the political backlash
to [crisis] interventions has reduced the
willingness of policymakers to act to contain
systemic financial crises,” they said.
Geithner said defences of individual
banks had been made much strongerthrough post-crisis reforms but “the tools to
cope with systemic failure are weaker”.
“Such liquidity measures can help subside
panic by giving more runway to deal with
problems and tools for fighting financial
crises,” Weber said.POLITICAL PRESSURE
Under the Dodd-Frank Act, the US’s post-crisis
financial regulatory reform, emergency liquidity
facilities can only be provided if at least five
firms can take advantage of them. That is to
prevent taxpayer bailouts of one institution.
The Federal Reserve is also only allowed
to lend money to help buy assets from a
troubled institution with the prior approval
of the US Treasury Secretary.
The G30 also questioned if central bankers
could now coordinate actions globally to rescue
a major lender with sprawling operations.
“There is no formal system for
international lender of last resort. The
respective responsibilities of home and host
countries to lend to a struggling global firm
remain an open question,” the report said.
Political pressure may prevent such
measures being used in the future too.“Failure to communicate more effectively
about the difference between liquidity-focused
interventions and solvency-focused
interventions has made all liquidity support
publicly suspect. This could limit the willingness
of policymakers to deploy available tools,” it said.
International Monetary Fund managing
director Christine Lagarde separately urged
policymakers and financial regulators to
persist with the financial reforms proposed
post-Lehman, stressing that working
together was vital to make the plans stick.
“The importance of international
cooperation in meeting 21st century challenges
is one of the enduring lessons of the crisis,” she
said. She warned that new fault lines are
emerging, including calls to roll back some
banking regulatory reforms and demands for
more protectionist measures.
“Policymakers are facing substantial pressure
from industry to roll back post-crisis
regulations,” she said. “How we respond to these
challenges will determine whether we have
fully internalised the lessons from Lehman.”NO GUARANTEES
The situation has become more pressing as“He’s not the fall guy... This is a mutual agreement
within the board”
5 PM 2250 p15-24.indd 16 07/09/2018 18:36: