What's going on with people moves at
Executive moves: Bank of America, JPMorgan Chase, Cullen/Frost
July 5, 2024 2:25 PM
Cullen/Frost CFO Jerry Salinas to retire
Adobe Stock
Salinas climbed the ladder of financial roles at the $49.5 billion-asset bank before landing in the C-suite in 2015.
"If you think of any major initiative that the company has undertaken in the past four decades — acquisitions, major transactions, our expansion projects — Jerry played an important role in all of them," said Chairman and CEO Phil Green in a prepared statement.
Dan Geddes, Frost's San Antonio region president, will immediately step down from his current position as he transitions to succeed Salinas on Jan. 1, 2025. Geddes led the bank's major build-out in Houston several years ago, which brought in enough profit last quarter to fund similar expansions in the Dallas and Austin markets.
Matt Henson, who currently acts as director of external reporting, will take on the role of chief accounting officer upon Salinas' departure.
—Catherine Leffert
BofA head of Americas equity research Daire Browne departs bank
Bloomberg
Daire Browne plans to pursue opportunities outside the company, according to a memo reviewed by Bloomberg News. Vikram Sahu, head of global equity research, will act as interim head of Americas equity research, the memo showed. Browne had reported to Sahu.
A representative for the Charlotte, North Carolina-based bank confirmed the contents of the memo from
BofA has endured a string of departures from its U.S. equity research group this year. In April, Jefferies Financial Group hired Julien Dumoulin-Smith, one of the best-known utilities and renewables analysts on Wall Street. Top-rated oil and gas analyst Doug Leggate left for Wolfe Research in June. —Katherine Doherty, Bloomberg News
Mizuho hires ex-OTPP executive Karen Frank as senior advisor for EMEA business
Frank will help the Japanese bank develop their EMEA strategy after the acquisition of Greenhill and integrate the M&A advisory firm's resources in the region, said one of the people. Her appointment will likely be announced in the coming days, the people said, asking not to be identified discussing confidential information.
Frank and a representative for Mizuho declined to comment.
Frank was executive managing director and global head of equities at OTPP until December 2022. Prior to that, she was chief executive officer of Barclays' private banking business. Starting her career in private equity in 1992, she currently serves as a non-executive director at market maker Flow Traders, according to her LinkedIn profile. She became the chair of British Heart Foundation's board of trustees in June. — Swetha Gopinath and Pamela Barbaglia, Bloomberg News
JPMorgan’s Kolanovic to exit amid string of poor stock calls
Chris Ratcliffe/Bloomberg
Kolanovic, who has been at JPMorgan for 19 years, is "exploring other opportunities," the memo stated. Dubravko Lakos-Bujas will lead market strategy and become chief market strategist, overseeing cross-asset, equity and macro. Hussein Malik will be the sole head of global research.
Stephen Dulake and Nicholas Rosato will co-lead fundamental research, a new team that brings together credit and equity research.
A JPMorgan spokesperson declined to comment. Kolanovic, Lakos-Bujas, Malik, and Rosato didn't immediately respond to requests for comment. Dulake declined to comment.
The move follows a disastrous two-year stretch of stock-market calls by Kolanovic. He was steadfastly bullish in much of 2022 as the S&P 500 Index sank 19% and strategists across Wall Street lowered their expectations for equities. He then turned bearish just as the market bottomed, missing last year's 24% surge in the S&P 500 as well as the 14% gain in the first half of this year. — Alexandra Semenova, Bloomberg News
JPMorgan hires Barclays technology dealmaker Douglas Melsheimer
Simon Dawson/Bloomberg
Melsheimer, who's based in New York, is set to join JPMorgan after a period of garden leave, said the people, who asked not to be identified discussing an appointment that isn't yet public. He'll be a managing director within the firm's technology investment-banking group, led by Madhu Namburi. Melsheimer will focus on mid-cap tech clients, an area JPMorgan is increasingly focused on.
A JPMorgan spokesperson declined to comment. A representative for Barclays had no immediate comment.
Melsheimer joined Barclays as a managing director in technology investment banking in early 2023, after roughly five years at Goldman Sachs. — Gillian Tan and Liana Baker, Bloomberg News
UBS hires Barclays veteran Alejandro Palacio for tech dealmaking
Stefan Wermuth/Bloomberg
New York-based Palacio is set to join the firm in coming months as a managing director, and will focus on software and integrated payments companies, one of the people said, asking not to be identified because the appointment isn't yet public. He'll report to Laurence Braham, UBS's global co-head of technology investment banking.
Palacio has been with Barclays since 2011, and previously worked at its predecessor, Lehman Brothers, Finra records show.
Spokespeople for Barclays and UBS declined to comment.
UBS's investment bank, co-led by
