Senior staff announced their retirement at Société Générale and Bank of America last week. Meanwhile, Sandy Weill, former chief executive of Citigroup, said he'd stay at the bank until April, thereby abandoning plans to leave sooner and set up a private equity fund.
Bank of America said Carter McClelland, head of corporate and investment banking, will retire at the end of 2005. He will be replaced by Gene Taylor, a veteran Bank of America executive who currently heads global business & financial services. At the same time, Alvaro G. de Molina is being made chief executive of Banc of America Securities, the bank's markets practice, reporting to Taylor. The moves came as the bank merged its global business and financial services divisions with capital markets and investment banking.
Jean-Jacques Ogier will become chief executive of SG Americas. Existing chief executive, Jacques Bouhet, is retiring. Ogier is a member of the SG Corporate and Investment Banking executive committee, as well as the management committee of the Société Générale Group.
Currencies and Commodities: Deutsche Bank Hires Kitchen
Deutsche Bank hired Louise Kitchen from UBS as managing director and global head of commodities structuring, based in New York.
Todd Elmer, a foreign exchange strategist based in New York, quit Barclays Capital.
Fixed Income: BNP Paribas Adds Five
BNP Paribas added five to its U.S. fixed income operation. Daniel Brereton joins from UBS as head of U.S. credit flow trading. James Bolger joins from Bear Stearns as a managing director in credit trading. Brian Hannon joins from Imperial Capital LLC as a senior high yield trader. Graham Barnett joins from CSFB as a senior credit analyst covering the healthcare sector. Tatyana Dobryanskaya joins from Merrill Lynch as a credit analyst covering the utility sector.
HSBC hired Michael McGovern, a former J.P. Morgan executive to lead its syndicated finance team in the Americas.
Investment Banking: Lehman Hires Trousset
Lehman Brothers hired Tony Trousset from SAS Institute as a managing director and head of global software investment banking.
Banc of America Securities hired Jamie Saxton from Lehman Brothers as managing director and head of oilfield services.
Merriman Curhan Ford & Co., an investment banking boutique focused on fast growth companies, hired Steven Foland from ThinkEquity Partners, to head its investment banking group.
Asset Management: Doscher and Horan Quit UBS for Hedge Fund
Forward Management, a San Francisco-based asset manager, appointed Judith Rosenberg as chief compliance officer. Rosenberg was director of compliance at Morgan Stanley until 2002.
GSC Partners, a fund with $8 billion under management, hired two managing directors from UBS. Drew Doscher and Jeffrey Horan will run the firm's newly created hedge fund focusing on corporate debt and equity investments in leveraged and distressed markets.
Morgan Stanley Investment Management hired Hans van den
Berg and David Sugimoto from 1838 International Equity Fund (INTEX), an international growth fund, as portfolio managers.
Merrill Lynch Investment Managers hired Fernando Guerrero from ABN Amro to lead a new structured products team.
Technology: Murray Follows Mack, Again
John Mack hired Eileen Murray from his former employer Credit Suisse First Boston as head of global operations and technology at Morgan Stanley. Murray worked for Morgan Stanley when Mack was president previously, and followed him to CSFB.