International Financing Review September 8 2018 19Please contact us if you have information about job moves: [email protected]
People
&Markets
n CITIGROUP has
hired Gordon Ball to
head its electronic
execution and
algorithmic trading
business for EMEA. Ball
will focus on expanding
Citi’s electronic
execution franchise in
EMEA and help develop
its futures, clearing and
collateral business and
be based in London. Hepreviously worked at
Goldman Sachs for 18
years. Citi has also hired
Max Middleton from
Goldman for its
electronic sales team in
EMEA, and appointed
Joseph Michniowski as
head of electronic
execution and
algorithmic trading for
Asia-Pacific, based in
Hong Kong.n Hugo Wheeler has
been appointed as
head of UK wholesale
at privately owned
credit fund manager
MUZINICH & CO. He
joined from BNY
Mellon, where we was
head of wealth
management and
private banks.n Timothy Broadbent
has left as head of US
leveraged loan
syndicate at
BARCLAYS, according
to a source. Broadbent
began working at
Barclays in 2006, after
joining from JP
Morgan.n SCOTIABANK has
appointed Walter Tas
as head of Asia Pacific
to replace Peter
Heidinger, who has
moved to become
head of Europe. Tas,
who has been with the
Canadian bank for
more than 20 years,
will continue to be
based in Hong Kong.
He was most recentlychief operating officer
and chief financial
officer for APAC.
Heidinger replaces
John Kirwan, who quit
his job as head of
Europe and global
head of energy,
infrastructure power
and utilities.Leveraged finance banker Donahue
jumps to Alterra
Tim Donahue, head of high-yield and
leveraged loan capital markets at JP Morgan,
has left the bank to join ALTERRA MOUNTAIN
COMPANY as its chief financial officer and
executive vice president.
Donahue will be based in Denver and
oversee all areas of finance, externally in the
debt and equity markets, and internally
supporting destinations and corporate
functions to drive performance and growth,
Alterra said.He will also be responsible for teams
specialising in shared service accounting,
tax, treasury, internal audit, shareholder
relations and regulatory compliance, it said.
Alterra owns and operates a range of
recreation, hospitality, real-estate development,
food and beverage and retail businesses in
mountain resorts across the US, including
Mammoth in California and Deer Valley in Utah.
Donahue spent 19 years at JP Morgan,
most recently based in New York. Healso spent time as a partner at
Blackstone’s GSO Capital Partners and as
a corporate securities attorney at Battle
Fowler LLP.
JP Morgan is ranked No. 1 in Thomson
Reuters US high-yield league tables this year,
with more than 13% market share.
A replacement for Donahue has not yet
been confirmed, a person familiar with the
matter told IFR.
Natalie HarrisonTSB CEO quits as IT fiasco drags on
Paul Pester, the chief executive of Britain’s
crisis-hit TSB BANK, is stepping down from his
position after months of pressure following
the lender’s botched IT migration.
Pester spent seven years in charge of
the challenger lender, but was heavily
criticised for his handling of the
integration of a new IT system in April
that led to one of the country’s worst
banking outages and widespread
disruption to up to 1.9m digital banking
customers.
Richard Meddings, non-executive chairman
of TSB, which is owned by Spain’s SABADELL,
will take on the role of executive chairman
with immediate effect while the bank looks
for a new CEO.
Speaking to reporters on a conference
call, Meddings said Pester and the TSB board
made the decision together about his future,
and that it did not represent any individual
responsibility for the IT crisis.
“He’s not the fall guy ... This is a mutual
agreement within the board,” Meddings
said.TSB’s announcement came the day
after online and mobile banking
customers struggled to access their
money again - the latest in a series of
glitches since the bank was plunged into
chaos for weeks following the IT
migration.
Meddings, a former finance director of
Standard Chartered, said the timing of
Pester’s departure was a coincidence and
that now was the right time for the CEO to
stand aside, having led the effort to restore
the bank’s operations back to relatively
good levels.
He added that while the bank has good
internal candidates it can consider for
the role of CEO, it will also launch a
search for external candidates. The
process is likely to take a few months, he
said.
Pester will receive £1.2m (US$1.5m) in
fixed pay for his 12-month notice period and
a £480,000 historic pay award that dates
back to before TSB’s acquisition by Sabadell
in 2015.All of Pester’s variable compensation will
be frozen and remains subject to
performance criteria and the outcome of
ongoing independent and regulatory
investigations into the IT problems. Pester
had already waived his bonus following the
outage earlier in the year.The issues began when TSB tried to
migrate its customer data from a system
it was effectively renting from its former
parent Lloyds Banking Group to one
built by Sabadell’s IT arm Sabis. The
move was supposed to save money, but
has cost Sabadell more than €200m
(US$231m) so far.
Sinead CruiseThe IT issues began when TSB
tried to migrate its customer
data to one built by Sabadell’s
IT arm. It has cost Sabadell
more than €200m so far5 PM 2250 p15-24.indd 19 07/09/2018 18:36:13