Citigroup, Wells Fargo and KeyCorp: Bankers on the move

October 27, 2019 9:00 PM

Some of the biggest posts in banking were filled in the past six weeks.

At the end of September, Wells Fargo announced BNY Mellon Chairman and CEO Charles Scharf would be its next chief executive, ending speculation over who would direct the troubled bank's turnaround. BNY immediately named Thomas Gibbons as interim chief executive.

Citigroup, meanwhile, set up the likely successor to Chief Executive Michael Corbat when it promoted Jane Fraser to president, its second-highest post, on Oct. 24.

Earlier this fall, KeyCorp Chairman and CEO Beth Mooney announced her retirement, setting it for next year. Chris Gorman, Key's president of banking, will be her successor. Mooney was the first woman in history to lead a top-20 U.S. bank.

Following is a breakdown of some of the biggest executive moves in September and October:

Charles Scharf, chief executive officer of Visa Inc., speaks during the Institute of International Finance G-20 Conference in Shanghai, China, on Friday, Feb. 26, 2016. The conference runs through Feb. 26. Photographer: Qilai Shen/Bloomberg *** Local Caption *** Charles Scharf

Qilai Shen/Bloomberg

Charles Scharf now heads Wells' turnaround efforts

Charles Scharf, the CEO of Bank of New York Mellon Corp., was named Wells Fargo & Co.'s new chief executive on Sept. 27, the bank's third CEO in the past three years.

Scharf, 54, took over on Oct. 21, replacing interim CEO Allen Parker. Scharf also holds the title of president at Wells.

“With more than 24 years in leadership roles in the banking and payments industries, including as CEO of Visa Inc. and Bank of New York Mellon, Charlie has demonstrated a strong track record,” Wells Fargo Chair Betsy Duke said in a news release.

He inherited a role with a number of challenges attached. Wells still faces several investigations and outstanding consent orders, including a growth restriction imposed by the Federal Reserve. There are also issues in some of the company’s core businesses.

Immediately filling in for Scharf at BNY was 30-year company veteran Thomas Gibbons.

Gibbons was chief financial officer of the company for nine years and most recently had been vice chairman of clearing, markets and client management.

Citigroup picks a new president and likely Corbat successor

Citigroup on Oct. 24 elevated Jane Fraser to president, its second-highest post, strengthening her chances to succeed Chief Executive Michael Corbat someday.

Fraser, 52, was overseeing Citigroup's Latin American operations. She will also take over as head of consumer banking, replacing Stephen Bird, who was leaving the company, Citigroup said in a press release.

“In many ways, Jane helped shape the company we are today,” Corbat, 59, said in the release. “I remain committed to leading our firm in the coming years and look forward to working even more closely with Jane in her new roles.”

Speaking at American Banker's Most Powerful Women in Banking and Finance gala earlier this month, Corbat emphasized that the industry needed to do better at ensuring gender equity in both pay and opportunities.

Beth Mooney, chief executive officer of KeyCorp, speaks during an interview in New York, U.S., on Thursday, Dec. 6, 2012. KeyCorp, which has 1,059 branches, is targeting $150 million to $200 million of expense reductions by December 2013, the Cleveland-based lender said in a statement. Photographer: Scott Eells/Bloomberg *** Local Caption *** Beth Mooney

Scott Eells/Bloomberg

Mooney to retire from KeyCorp; successor named

After nearly nine years as KeyCorp's chief executive, Beth Mooney, the first woman in history to lead a top-20 U.S. bank, announced on Sept. 19 she would be retiring next year.

The Cleveland company said that its president of banking, Chris Gorman, was promoted to president and and chief operating officer and will serve in those roles until taking over for Mooney on May 1.

Mooney, who is 64 years old, joined KeyCorp in 2006 and ran Key’s community banking business until 2011, when she replaced Henry Meyer as chairman and CEO.

Mooney was named American Banker’s Banker of the Year in 2017 and was its most Most Powerful Woman in Banking in 2013, 2014 and 2015.

“My time at Key has represented some of the most rewarding years in my 40 years in banking,” Mooney said in the press release announcing her retirement. “I am proud of what we’ve accomplished together, and I look forward to continued success under the leadership of Chris and the diverse and talented team at KeyBank.”

Alison Rose

Alison Rose becomes first woman to lead RBS

Royal Bank of Scotland named Alison Rose its first female chief executive on Sept. 20.

Rose, 49, is the first woman to run one of Britain's big four lenders.

She was the former head of British commercial and private banking at RBS. She has worked at RBS and one of its predecessor firms, National Westminster Bank, since joining from university in 1992.

In 2018, RBS named Katie Murray to succeed Ewen Stevenson as chief financial officer after he left to join HSBC.

Google exec now leads British fintech

Google executive Sunil Chandra was named CEO of the British startup OakNorth on Oct. 7.

Chandra spent the last 12 and a half years at the search engine giant; most recently he was a vice president responsible for talent acquisition and operations globally. Chandra also was chief operating officer for technology at Barclays Capital between 2004 and 2006.

OakNorth, a small-business lender, "in a short period of time ... has identified a key segment of the market that is underserved, proven that thesis with the profitable OakNorth Bank in the U.K., and is now scaling the solution globally by licensing its platform to other lending institutions,” Chandra said in a news release.

He will be based in the United Kingdom.

COO of Columbia Banking System. Will become CEO on Dec. 31, 2019.

Columbia Banking System picks CEO

Columbia Banking System in Tacoma, Wash., said on Sept. 26 that Clint Stein will succeed Hadley Robbins as CEO at year-end.

The $13.1 billion-asset company said Robbins, 62, will retire on Dec. 31 and immediately be replaced by Stein, 47, the company's chief operating officer.

Stein has been with the company since 2005, and moved from chief financial officer to COO in 2017.

Robbins had been CEO since he succeeded Melanie Dressel after her unexpected death in February 2017.

Robbins has been with the company for nearly seven years and has spent almost 40 years in banking.

Chris Merrywell, Columbia's chief consumer banking officer, will succeed Stein as COO.

Cape Cod reshapes its management

Cape Cod Five Cents Savings Bank in Harwich Port, Mass., announced co-president appointments on Oct. 1.

The $3.4 billion-asset bank said in a press release that Bert Talerman and Matt Burke had been promoted to serve as its co-presidents. They succeeded Dorothy Savarese, who remains the bank's chairman and CEO.

Savarese will maintain direct oversight of human resources, training and development, marketing, corporate communications, community engagement, information security, risk management, fraud prevention, legal and governance.

Talerman, who had been an executive vice president at Cape Cod, will oversee all customer-facing areas, including commercial, residential and consumer lending, banking services and wealth management.

Burke, previously the bank's chief financial officer, is now responsible for accounting and finance, data analytics, IT management, digital project management and strategic support and facilities.

Both executives report directly to Savarese, who was recently named one of American Banker's Most Powerful Women in Banking.

Israel Discount Bank of NY CEO Ziv Biron

Israel Discount Bank of New York names CEO

Israel Discount Bank of New York has a new CEO.

The $9.9 billion-asset bank, which operates as IDB Bank, said in a press release Oct. 4 that Ziv Biron had also become its president.

Biron previously served as chief financial officer and head of planning strategy at Discount Bank, IDB's Israeli parent company.

Earlier in his career, Biron held executive roles at Bank Hapoalim Israel, HSBC USA and HSBC Global.

Biron succeeded Uri Levin, who was promoted in July to CEO of Discount Bank.

Ex-Barclays exec to head credit card upstart

Mission Lane, a credit card upstart that targets subprime borrowers, announced on Sept. 16 that former Barclays and Capital One Financial executive was its new CEO.

Shane Holdaway was previously chief executive of Barclays’ U.S. consumer bank. He is also a Capital One veteran, having spent 12 years at the McLean, Va., company, including nearly five years as president of its Canadian credit card unit.

Keith Wirtz, Union Savings Bank Vice President and Chief Investment Officer.

Union Savings Bank names new investment chief

Union Savings Bank appointed Keith Wirtz as vice president and chief investment officer on Oct. 24.

Wirtz's oversight will extend to the Danbury, Conn.-based bank's investment team. He will be responsible for devising departmental investment policies and portfolio strategies, as well as managing high-net-worth and institutional portfolios, the bank said in a press release.

“With his more than 30 years of experience in the financial industry, we know Keith will make a major impact on our various business lines," said Cynthia Merkle, president and CEO of the $2.1-billion asset institution.

The company said in the release Wirtz currently serves as a trustee for the First Western Trust Funds and is a board member and investment committee chair for ASU Enterprise Partners.

Previously, the bank said Wirtz held the position of chief investment officer for Fifth Third Bank’s wealth division and was president and chief investment officer of Fifth Third Asset Management.

Huntington appoints Visa exec as new CFO

Zachary Wasserman, a top Visa executive, was named Huntington Bancshares' new financial chief on Oct. 18.

Wasserman will join the Columbus, Ohio, company on Nov. 4. He will succeed Howell “Mac” McCullough, who previously announced his retirement as chief financial officer. McCullough will remain with the $108 billion-asset Huntington until Dec. 31.

Wasserman is currently the chief financial officer of the North American business at Visa. Earlier he was CFO of the U.S. consumer business at American Express.

Comerica searching for a new CFO

Comerica Bank in Dallas is looking for a new chief financial officer after the departure of Muneera Carr in October.

The $72.4 billion-asset bank, appointed James Herzog to interim CFO effective Sept. 11. Herzog had been Comerica’s executive vice president and treasurer.

Carr was chosen as CFO in November 2017 after joining the bank seven years prior as chief accounting officer. She remained as executive vice president until Oct. 10, the bank said in a regulatory disclosure.

“Carr’s departure from Comerica is not the result of any issue, concern or disagreement with Comerica’s accounting, financial reporting or internal control over financial reporting,” the bank said in the regulatory filing.

The bank declined to comment further.

Michigan's Sterling Bancorp will get a new CEO

Sterling Bancorp in Southfield, Mich., announced on Oct. 18 it will have a new CEO.

The $3.3 billion-asset company said in a press release that Tom Lopp will also become its chairman, effective Nov. 30. Lopp will succeed Gary Judd, who is retiring.

Lopp is Sterling's chief operating officer and chief financial officer. Steve Huber, CFO of Sterling's bank, will become the company's CFO and treasurer.

CenterState co-founder is retiring

CenterState's co-founder and longtime leader will be retiring.

The $17 billion-asset company in Winter Haven, Fla., disclosed in a regulatory filing on Sept. 23 that Ernest Pinner will transition from executive chairman to non-executive chairman on Jan. 1.

Pinner, 72, and John Corbett founded CenterState Bank in 1999.

CenterState noted that the move is part of its long-term succession plan. Corbett, 50, succeeded Pinner as CEO in 2015.

Prior to forming CenterState, Pinner served as an area president for First Union Bank for 13 years.