Ten Banking and Finance Executives to Watch in 2013
The world of finance is dominated as much by people as by institutions. In 2012, names such as Bob Diamond, Bruno Iksil and Kweku Adoboli littered the headlines as scandals rocked Wall Street, the City and other financial capitals.
Looking ahead, 2013 should provide an equal amount of drama as banks like Citi, Goldman Sachs and Deutsche Bank adjust to a new reality shaped by regulatory, cultural and management changes. In the ever-changing world of finance, these are the names to look out for in the coming year. Some aren't a surprise -- what Anshu Jain does as co-chief executive at Deutsche Bank is something everyone in the industry is watching -- but some of these names may surprise you. These are people to have on your radar if you want to bolster your career and know where the industry is headed.
Anshu Jain, co-CEO of Deutsche Bank
Anshu Jain and Jürgen Fitschen took the helm together last year at Deutsche, Germany's most internationally important bank. Many doubted that Jain would be able to navigate one of the most politically difficult jobs in corporate Germany, considering he hardly speaks German and his every word and action is under scrutiny by German politicians as well as the media. But in just a few months, Jain proved himself a modest and skillful communicator. His chances of becoming the sole CEO of Deutsche are increasing.
Edouard Carmignac, founder and CEO of Carmignac asset management
In recent years, French asset management firm Carmignac has achieved some of the most dramatic growth of any fund manager in Europe with assets under management increasing fourfold from 13bn euros in 2009 to 53bn at the end of 2012.
Named as one of the most influential financiers in the world by Finanical News, Carmignac, the firm’s 65-year-old founder and CEO, has been extending the firm’s reach with new operations in Luxembourg, Germany, Italy, Madrid and London. In the past two years, Carmignac has recruited 60 new people in Europe and plans to keep hiring. One perk: the CEO has been known to host both clients and employees at private concerts featuring the likes of the Rolling Stones.
Gaël de Boissard, co-head of investment banking at Credit Suisse
After 11 years at Credit Suisse, 45-year-old French banker Gael De Boissard last November was named co-director of the investment bank and sole head of the division in EMEA. An alum of J.P. Morgan, De Boissard will determine the future of Credit Suisse's fixed income business. While Swiss rival UBS is pulling back from most market making activities in fixed income, Credit Suisse has indicated its' committed to the business – despite lacking the market presence of competitors like Deutsche Bank and J.P. Morgan. It’s a risky strategy for Credit Suisse CEO Brady Dougan and leaves De Boissard in a position to double down or call it quits.
Isabelle Ealet, co-head of securities, Goldman Sachs
Isabelle Ealet may not do anything dramatic in 2013, but if you work in sales or trading, it's certainly a good idea to get to know her. Ealet, a 49-year-old French woman, was promoted to global co-head of the securities division at Goldman Sachs in January 2012. As 'flow monsters' like Goldman gain market share in equities and fixed income trading, Ealet's power will grow. Whether she will be hiring is another question. Goldman says its headcount in 2013 will depend on revenue.
Tamim Al-Kuwari, CEO, QInvest
When Tamim Al-Kuwari left his post as country head for Goldman Sachs’ Qatar operation to join local investment bank QInvest as deputy CEO in October 2012, a few eyebrows were raised. Following a management shake-up at the firm in November, he’s been elevated to CEO and has been tasked with spearheading its ambitions to become a regional powerhouse in investment banking. With international investment banks pulling back from the Middle East, and QInvest’s tie-up with key Middle Eastern player EFG Hermes now complete, the door is open for regional houses like QInvest to expand. The bank plans to grow its asset management division by 50% and could bolster its ranks in investment banking.
Rezwan Mirza, head of corporate banking at Barclays in the UAE and GCC
Few international banks are talking up expansion in the Middle East, but Barclays is an exception. After focusing on its wealth management division last year, Barclays is turning its attention to building its corporate banking operation in the region. Headed by Rezwan Mirza, Barclay's Middle East unit is hiring at all levels, from analysts to directors and also plans to invest in its technology infrastructure.
Steven A. Cohen, founder of SAC Capital Advisors
Founder of Stamford, Conn.-based SAC Capital Advisors, one of the world’s most-profitable hedge funds, Steven A. Cohen is at the center of a multi-layered insider trading probe that has seen several of his former lieutenants implicated. While he has not been charged, Cohen remains a target for investigators. A self-made billionaire, Cohen’s legendary work ethic is matched by his insatiable desire to grow his bankroll, at seemingly any cost. The outcome of the probe will have major implications for Cohen -- and his employees.
Michael Corbat, CEO at Citigroup
After three months on the job, Citigroup chief executive Michael Corbat has already changed the face of Citi, announcing 11,000 job cuts and realigning upper management. Corbat seems to have a clear plan in place for Citi: less risk, fewer people and a tighter ship. Taking after the board ousted his predecessor, Vikram Pandit, Corbat is a Citi lifer. He’s now rewarding those like him: employees who have dedicated their professional lives to Citi.
Piyush Gupta, CEO of DBS, Singapore
Piyush Gupta presides over an expansionist firm, recently named Asian bank of the year by The Banker magazine. The former Citi CEO for South East Asia-Pacific, Gupta plans to spend 2013 continuing to expand the Singapore-based bank, repositioning it as a serious regional player. DBS now has more than 200 branches in 15 markets – keep an eye on its China expansion in 2013 – and delivered record nine-month earnings of SGD 2.60bn in its most recent results. Under Gupta’s leadership, DBS is also gaining more clout in areas like offshore renminbi trading and Asian fixed income.
Sam Kendall, global head of equity capital markets, UBS
Sam Kendall’s rise this in January from chief of Asia equity capital markets to global leader highlights an important industry trend: Western banks putting heads of businesses in Asia. Last year Citi made Hong Kong-based Jonathan Larsen its global consumer banking boss. Kendall this year will aim to extend to other regions the kind of growth he achieved last year for UBS in Asia -- an increase of 80 percent in revenue. Expect more banks to turn eastward for their senior managers in 2013.
**Beecher Tuttle, Florian Hamann, Paul Clarke, Simon Mortlock and Sarah Butcher also contributed to this report.
