Finance & CFO

Tier one bank moves

The first half of 2019 saw moves at the group CFO level among global banking groups with HSBC, Citi, JP Morgan, Lloyds Banking Group and RBS appointing new CFOs.

  • Ewen Stevenson became Group CFO of HSBC in January 2019, replacing Iain Mackay who retired. He was previously CFO at RBS.
  • Katie Murray was appointed CFO at RBS following Ewen Stevenson’s move to HSBC. She was previously Deputy CFO.
  • Mark Mason was named CFO of Citi in February 2019. He previously served as CFO of Citi’s Institutional Clients Group. He replaced John Gerspach who has retired.
  • Jennifer Piepszak was appointed CFO at JP Morgan in May 2019. She was previously CEO of its Card Services Business. She succeeded Marianne Lake who has been appointed CEO of Consumer Lending.
  • Lloyds Banking Group appointed William Chalmers as CFO. He joined from Morgan Stanley where he was co-head of the US bank’s global financial institutions group.

The rise of the non-accountants 

We have seen a growing appetite for, and acceptance of finance professionals that either do not hold an accounting qualification or do not have traditional finance backgrounds. The growth of more sophisticated offshore shared service centres supported by better technology mean there is less of a need for CFOs/Finance Directors to hold deep controllership experience.

Consulting, strategy, M&A and ‘in business’ experience is becoming more commonplace at the leadership level, which is seen as more ‘value add’ to CEOs.

  • For example, Commerzbank appointed Bettina Orlopp as Group CFO, an ex McKinsey Partner, who has held leadership roles at the bank across strategy, compliance, HR and legal.
  • UBS appointed Caroline Stewart as CFO of the investment bank. While an accountant by background, she has spent the last 13 years in investor relations positions.

Increased activity in alternatives

2019 also saw increased activity in the alternatives market which has meant that commercial and strategic CFOs are highly sought after, particularly those coming from banking who bring the discipline, governance and control required.

  • Jean Yves Magnan appointed CFO at Elliot Management. He was previously with Citi.
  • Michael Henry appointed Corporate Controller at Citadel. He was previously with Goldman Sachs.
  • Doris Lee-Silvestri appointed CFO, Funds at HPS Investment Partners. She was previously the CFO at GSO Capital (Blackstone).
  • Edward Giodano appointed CFO at Addition LLC. He was previously CFO for the credit platform at HIG Capital.


Increased demand from the regulators around reporting has led to large scale investment and changes in treasury functions aligning them more closely with the technology and risk teams. Leaders with experience driving change in a treasury function remain in demand.

Whilst there has been some movement in the treasury market, many of the changes have been internal with JPMorgan and NatWest Markets appointing new Treasurers. We predict more changes to come in 2020.

  • Donal Quaid has been appointed Interim Group Treasurer following Robert Begbie moving internally to become Interim CEO, Natwest Markets.
  • Matthew Cherwin replaced John Horner as the Group Treasurer at JPMorgan.

Product Control 

2019 interestingly saw some increased activity within the global product control market with HSBC and Citi making changes at the leadership level. This comes after a period of decline from a recruitment perceptive in recent years.

  • David Heasman joined HSBC from Deutsche Bank as Global Head of Product Control.
  • Patrick Scally was promoted from EMEA Controller to Head of Global Product Control at Citi.


Tier one bank moves

Many of the global banks appointed a new Chief Auditor in 2019.

  • Lindsey O’Reilly appointed Chief Auditor at Barclays. She was previously Chief Data Officer and COO to the CFO.
  • Jessica Roos appointed Chief Auditor at Citi. She replaces Mary McNiff who takes on the CEO, North America role at the bank.
  • Jonathan Calvert Davis appointed Chief Auditor at HSBC. He previously led the UK internal audit practice at KPMG.

Upgrading across infrastructure audit

There is continued focus on upgrading audit leadership roles supporting infrastructure, particularly technology and risk. Increasingly firms have looked to ‘out of sector’ and non-audit hires to access fresh talent.

Ever more senior appointments being made to lead audit coverage of the cyber security function.

  • Gary Spotswood joined Aviva as Head of Audit, Technology & Change. He joins from Lloyds Banking Group.
  • Beth Tate joined Capital One as VP, Technology Audit. She was previously Chief Auditor, Consumer Bank Technology at Citi.
  • Terry Grafenstine joined Citi as Chief Auditor, Cybersecurity, Infosec and Business Continuity. He was previously a Managing Director with Deloitte.
  • Bhavesh Advani joined Fidelity Investments as VP Cybersecurity & Technology Infrastructure Audit. He was previously Head of IT Risk at Dropbox.
  • Fayyaz Cheema joined Legal & General as Head of Internal Audit, IT and Change. He joins from Vodafone where he was Global Head of Technology Audit.
  • Dan Kosowsky moved internally to lead audit across firm wide enterprise risk at Morgan Stanley.
  • Paul Ricci joined Wells Fargo as Chief Auditor, Corporate Risk and Capital Management. He was previous Chief Auditor, Risk at Citi.

Data Analytics & AI – retention challenges

There is continued focus on upgrading audit leadership roles supporting infrastructure, particularly technology and risk. Increasingly firms have looked to ‘out of sector’ and non-audit hires to access fresh talent.

Ever more senior appointments being made to lead audit coverage of the cyber security function.

  • Data analytics and AI was considered an upgrade hire in most organisations throughout 2019 – albeit with growing retention challenges given competition from 1st and 2nd line functions.
  • To counter this, Chief Auditors have utilised data analytics and data science resources in the business rather than building their own data analytics capability.
  • Many have seen success hiring on rotation internally or building data analytics into a graduate intake compared with experienced/executive data analytics hires.
  • The big four’s expertise in data analytics is growing, with EY and Deloitte seen as market leaders. Talent from these firms is being proactively targeted.

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