Fulton Financial hires new CFO, UBS senior exec leaves firm

Following the abrupt departure of its chief financial officer in February, Fulton Financial in Lancaster, Pennsylvania, has recruited its next finance chief from one of its larger Northeast banking peers. Richard Kraemer, who was most recently the treasurer and deputy CFO at Valley National Bank in Morristown, New Jersey, will join the $30 billion-asset Fulton in early September as its CFO "designee," Fulton said in a press release. He will become Fulton's CFO in the fourth quarter when interim CFO Betsy Chivinski retires, the release said. Chivinski has been temporarily filling the role since Mark McCollom, who had been CFO since 2018, unexpectedly resigned. 

Kraemer, meanwhile, has spent more than six years at Valley National in various roles, such as investor relations officer and chief financial services officer, according to his LinkedIn profile. He was named treasurer and deputy CFO in February 2023. In his new role, Kraemer — who will  report to Fulton Chairman and CEO Curt Myers — will oversee accounting, treasury, corporate development, tax, financial planning and forecasting, and investor relations. He will also advise the Office of the CEO and the board of directors on all financial matters, the company said.

Kraemer's move from Valley National to Fulton comes amid an industrywide shuffle of CFOs, in part because some faster-growing banks want CFOs with larger bank experience. With about $61 billion of assets, Valley National is about twice the size of Fulton. — Allissa Kline

UBS Group's senior private-bank executive Jenny Su has left, weeks after three earlier departures on her team, according to people with knowledge of the matter.

Su had been on leave since May before departing the Swiss bank this month, according to the people who asked not to be named as the information is private. Most of her 19-year tenure was spent handling clients from the Greater China region in Singapore, according to her LinkedIn profile. 

The topic of China wealth in Singapore has been in the spotlight, particularly given the influx of flows from the country in recent years. When 10 people of Chinese origin were arrested last year in the nation's biggest money-laundering scandal, the case also raised scrutiny over the role of banks in helping to police foreign wealth.  — Chanyaporn Chanjaroen, Denise Wee and Low De Wei, Bloomberg News

Bank of America has named Kevin Brunner as head of global technology, media and telecommunications investment banking, according to an internal memo seen by Bloomberg News.

New York-based Brunner is replacing Sam Powers, who is leaving Bank of America to pursue an opportunity outside of the banking industry. Powers will join Advance, the parent company of media group Condé Nast, as chief development officer later this year, according to a separate statement.

Brunner will also serve as co-chair of global mergers and acquisitions and report to Alex Bettamio and Thomas Sheehan, co-heads of global investment banking. 

Brunner joined Bank of America in 1999 and most recently served as co-head of global M&A alongside Ivan Farman. Farman will continue in his role. A representative for Bank of America confirmed the contents of the memo. — Liana Baker and Ryan Gould, Bloomberg News