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Key themes and trends:

  • Growing appetite from non-banking financial services firms to significantly upgrade their audit functions with a focus on improved business partnering, regulatory interface and data analytics
  • Significant activity in the Audit COO space as large banking groups look to streamline global methodology, improve training & development and drive overall efficiency savings after five years of cross industry investment
  • Increasing examples of senior finance leaders making a move out of the tier one banking groups given the increasingly challenging regulatory environment and the role of the CFO in it
  • US banks investing heavily in global FP&A functions in a continued response to CCAR and augmented reporting requirements

Key moves:

UK market:

Insurance

  • Helen Pickford is appointed UK Life CFO at Zurich. Helen replaces Neil Evans who joins Aviva as the Head of Financial Reporting for the life business.
  • David Foster joins Pioneer Underwriters, the underwriting group within Minova Insurance Holding, as CFO. David was previously the Deputy Corporate Controller at XL Catlin.
  • Alberto Minalo, CFO at Generali, is promoted to General Manager.
  • Steve Jules joins Lloyd’s of London as Head of Market Finance. Steve was previously a Director in the insurance practice at PwC.

Banking

  • Francesca Hampton joins the Co-Operative Group as Interim Finance Director. Francesca was previously Director of Finance at MetroBank.
  • Carmen Herbstritt, Head of Regional Finance Germany at Deutsche Bank is made CFO, Switzerland, across all business lines.
  • Ekene Ezulike, CFO Infrastructure at Deutsche Bank is made Chief Procurement Officer. His previous role is being covered by Neil Smith.
  • Glynn Jones joins ANZ as the Head of Financial Planning & Analysis for the markets business. He was previously the CFO for Financial Markets at Standard Chartered.
  • Paul Copson joins HSBC as the Global Head of Product Control, replacing Richard Boyns who moves internally.
  • Matthew Ristau joins State Street as Managing Director, Accounting Policy Group, based in New York. He was previously a Director in the accounting policy and global valuations oversight group at Deutsche Bank.
  • Ravi Vazirano, APAC CFO at Morgan Stanley, has moved to become APAC COO, replacing Arun Kohli who relocates to London as EMEA COO. David Lui will become CFO APAC.
  • Alistair Webster becomes Head of Regulatory Capital Policy & Oversight at JPMorgan. He was previously the Head of Accounting Policy for the corporate and investment bank globally.

Audit

  • Graham Mason joins Lombard Odier as Global Head of Audit for the investment management business. He was previously Regional Audit Director at BlackRock and is replaced by Rosanna Burr who moves into audit from the business.
  • John Mitchell joins Standard Chartered as Head of Audit, Finance having previously been with Bank of America.
  • Charlie Wright is promoted to EMEA General Auditor at Bank of America. He previously led the regional team aligned to the banking and markets business.
  • Valaria Locatelli joins Pioneer Investments as Head of Internal Audit. Valeria was previously Global Head of Audit for the wealth & asset management business at HSBC.
  • Amanda Haines joins RBS as Audit Director, Practices & Support. She was previously the EMEA Audit COO at Morgan Stanley.
  • James Oates, Group Head of Internal Audit at UBS is promoted to Group Head of Compliance. He is replaced in the interim by Alan Wehrenberg, currently UK Head of Compliance & Operational Risk and Global Head of Investment Banking Compliance & Operational Risk.
  • Matt Burton joins Old Mutual as Head of Internal Audit for the wealth business. He was previously a Partner in the financial services internal audit team at PwC.
  • Dean Barham joins Standard Chartered as COO, Group Internal Audit. Dean previously held a similar role at Lloyds Banking Group.
  • Paul Marshall joins EY as a Senior Advisor in the internal audit and corporate governance practice in London. He was previously the Chief Auditor for franchise audit at Citi.
  • Karen Dignan joins Pension Insurance Corporation as the Head of Internal Audit. Karen was previously the Audit Director for wealth management and group head office functions at Old Mutual.
  • Ray Cockrem joins State Street as a senior vice president in the EMEA audit team with responsibility for supporting the asset servicing business. He was previously Audit Director for the asset management business at Old Mutual.

US market:

  • Anthony Sciarra moves to Enstar Group Ltd. as the Global Head of Tax. He came from AIG as Senior Tax Director, Head of Corporate Tax Reporting & Analysis.
  • Mark Lubin moves to PwC as Banking and Capital Markets Tax Director to focus on planning and reporting complex restructurings, M&A and other transactions involving US-based global financial companies. He comes from BNY Mellon where he was Managing Director – Head of International Tax.
  • Sarah Youngwood moves internally to become CFO of consumer and community banking, succeeding David Owen at JPMorgan. Youngwood was previously head of investor relations. Owen was named Chief Administrative Officer and oversees an office that supports the company’s operations in 60 countries.
  • Jennifer Moss becomes the Managing Director, Head of International Tax, at Blackrock. She moves from Citi as Head of Domestic Tax Planning and M&A Tax.
  • Thomas Jordan is the Director of Tax Accounting and Compliance in the Americas for Credit Suisse. He has come from Goldman Sachs as VP – Tax Reporting Group.
  • Jack McGinnis is the Executive Vice President and CFO at ManpowerGroup. He was the global controller at Morgan Stanley.
  • Bill Shepherd moves from Bank of America where he was CFO for Global Wealth & investment Management to be Head of Corporate Finance at Bridgewater Associates, LP.
  • Andrei Magasiner, at Bank of America, is appointed Group Treasurer. He was previously CFO for Global Banking & Markets.
  • Johnbull Okpara joins Morgan Stanley as Global Head of FP&A. He joined from Capital One where he was Deputy Controller.

European market:

  • Fabrizio Petrillo, CFO of AXA Winterthur moves internally and assumes the role of Head of Property & Casualty. The new CFO will be an internal candidate.
  • Gary Hughes takes over the role as CFO at Equatex, a spin-off from UBS.
  • Marcelo Szerman takes over the responsibility as CFO for Bank J. Safra Sarasin. He replaces Thomas Mueller who leaves the bank.

Asian market:

  • David Liu was promoted to APAC CFO for Morgan Stanley. He was previously APAC Head of Financial Reporting. David succeeds Ravi Vazirani, who progressed to become the APAC Chief Operating Officer for Morgan Stanley.
  • Dagmar Maria Kamber Borens has left Singapore where she was APAC CFO for UBS. Her replacement is yet to be announced.
  • Amol Gupte is the new Singapore Country Officer and Head of ASEAN for Citi. He took over Michael Zink who is retiring. Amol was previously APAC Head of Treasury and Trade Solutions. Vishal Kapoor succeeds Amol as APAC Head of Treasury and Trade Solution and was previously APAC Head of Trade Sales.
  • Deborah Mur relocates to Singapore as Head of Treasury Trade Solutions for Asia Industrials, Energy & Power Sectors in Citi. She was previously based in Paris as Western Europe Head of Treasury & Trade Solutions.

Key interim themes and trends:

  • Regulation: Increased demand for interim resource to assist with the implementation of IFRS9, CCAR and FRTB
  • Optimisation, consolidation and cost reduction: Major re-structuring of Finance at many global banks as they seek to improve processes, control and infrastructure through the review of shared service structures, location strategy and cost allocation
  • Audit: specialist interim audit resource is in demand, either to help upskill audit functions (in some cases following regulatory recommendations), or to lead specific audit reviews