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Key themes and trends:

  • The risk market has been buoyant over the last four months, with retail financial services paying closer attention to this area. As mid-size players continue to pursue market share from more established global banks, there has been significant hiring within the challenger banks and in the peer to peer lending space
  • Candidates are being drawn to these institutions for a variety of reasons; they are generally more dynamic, have better technology based systems and tend not to require large change programmes. Without the burden of legacy issues to tackle and a strategic need to drive down costs many view them as an attractive growth platform. In the UK, from a compensation perspective, there is greater flexibility in senior management remuneration due to the impact of the Senior Managers Regime. In the US, regional banks are increasingly becoming talent targets for non-bank financial institutions and firms from other sectors looking to adopt a more sophisticated approach to their broader risk management efforts
  • The insurance market has seen significant investment in risk functions, particularly in credit and operational risk, as firms look to bridge the gap with banks – where in general second line risk functions are more mature. Insurance firms, particularly those designated as systemically important, continue to be interested in acquiring talent from the major banks
  • CROs in financial services continue to be more focused on acquiring leadership talent with non-financial & compliance risk expertise relative to financial risk, as these areas continue to be of more concern and are greater consumers of capital for highly regulated firms

Key moves:

Global Banking, Wealth and Asset Management

  • Paul Fabara, former President of the Global Banking Group at American Express, moves internally to become CRO. Paul replaces Ash Gupta, who continues to report Kenneth I. Chenault, Chairman and CEO, as President, Credit Risk and Global Information Management which incorporates ‘big data’.
  • Richard Wise joins Credit Suisse as Asia-Pacific, CRO. He joins from JPMorgan where he was Global Head of Market Risk for the corporate and investment bank.
  • Sanjeev Karkhanis is appointed Asia-Pacific CRO at UBS, replacing Jeanne Short who relocates to London to head the Global Transaction Review group. Sanjeev was previously the CRO for AWM and is replaced internally by Shailesh Shah, Head of Treasury Risk.
  • Malcolm Griggs, Chief Credit Officer at Citizens Bank, replaces Nancy Shanik as CRO, following her retirement.
  • Ellen Koebler joins E*Trade as CRO, replacing Mike Pizzi who was appointed CFO in late 2014. Koebler joins from SunTrust, where she was the Chief Market Risk and Enterprise Analytics Officer.
  • Catherine Brett joins Santander UK as CRO, Corporate and Commercial Banking. She joins from HSBC where she was CRO, International EMEA.
  • Ingrid Child joins Bank of Asia, the start-up private banking group, as CRO. She joins from HSBC where she was Global Head of Risk Appetite based in Hong Kong.
  • Stephen McKee joins Arbuthnot Latham & Co. as a Head of Risk. He joins from Ignis Asset Management where he was Head of Enterprise Risk.
  • Richard Lake is appointed Global Head of Investment Risk at Savills Investment Management. He previously held the role of Head of Investment, Europe.
  • David McGillveray joins Investec as Head of Investment Risk and Performance. He joins from M&G where he was Head of Investment Risk.

Retail

  • Carsten Egeriis is appointed CRO at Barclays UK. He was previously CRO for Personal and Corporate Banking.
  • Rob McQuade joins Bank of Ireland as Chief Credit Officer. He joins from the Bank of England where has was Acting Head of Division, Credit Risk.
  • Cyrille Salle de Chou joins RateSetter.com as CRO. He joins from Lloyds Banking Group where he was Credit Risk Director, Lloyds Banking Group Mortgages. Prior to that role he was Credit Risk Director for the Current Account and Cards Business.
  • Paul Martin joins Neyber as Head of Credit Risk. He joins from OneSavings Bank where he was Head of Portfolio Credit Risk.
  • Kevin Vinten joins The Co-operative Bank in an Interim role; as Programme Director of the Transformation and Change programme. He joins from Santander where he was Director, Credit Risk Delivery.
  • Mark Thundercliffe joins CYBG, the independent UK bank as CRO. He joins from HSBC where he was CRO for HSBC’s retail banking and wealth management businesses in Europe.
  • Jaime Graham joins Lloyds Banking Group as Credit Operations Director after a period of gardening leave. He joins from Santander where he was Director, UK Debt Management.
  • Claire Sullivan joins TSB as Head of Secured Credit. She joins from Bank of Ireland where she was Chief Credit Officer for the retail bank.
  • Jan Hundertpfund is appointed Head of Credit Risk, Unsecured at Lloyds Banking Group.

Regulators

  • Tracey McDermott is to step down from her role as Interim-CEO at the Financial Conduct Authority in July.
  • Andrew Bailey is appointed Head of Financial Conduct Authority and will start this role in July. He was previously the Head of the PRA.
  • Sam Woods is appointed Head of the PRA to replace Andrew Bailey in July.

Key interim themes and trends:

  • Conduct risk remains a key focus across the industry. Firms are increasing investment in interim resources to improve conduct risk surveillance and reporting. Interim expertise is also being used to help firms to articulate conduct risk appetite and also to embed conduct risk management into overall risk management frameworks
  • Model risk is an increasingly hot topic. Interim expertise is being sought in this space, both to improve governance around models and also to increase quant resourcing on model development and model validation
  • FRTB remains high on the agenda at banks, with market risk SMEs and programme managers being employed in a variety of capacities – including analysis, strategy and change management
  • The first line of defence is also receiving increasing focus, with many firms looking to hire interims with strong risk (or compliance) credentials into the first line to improve processes, controls, reporting and culture