Truist announces departures, First Horizon reveals succession plans

April 19, 2024 3:54 PM

Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.

Two members of Truist Financial’s top management group depart

Two members of Truist Financial's top executive leadership team have departed, the Charlotte, North Carolina-based company confirmed this week. Scott Case, chief information officer since BB&T and SunTrust Banks merged in 2019 to create Truist, recently left the role to pursue other opportunities, the company said. Meanwhile Denise DeMaio, chief audit officer since 2022, has decided to retire, the company said. Both Case and DeMaio were members of Truist's operating council, which was expanded last fall as part of a series of changes the bank made to improve its financial performance and streamline decision-making. Brad Bender, who is currently Truist's head of enterprise operational services, will serve temporarily as chief information officer while Truist conducts a search for a permanent successor to Case, Truist said. Grant Harbrecht, who was Truist's chief compliance officer, is now chief audit officer. Ed Noonan succeeds Harbrecht as chief compliance officer. — Allissa Kline

First Horizon names Thomas Hung as chief credit officer

First Horizon Corp. announced on Monday that Thomas Hung, executive vice president, head of franchise finance, will be named senior executive vice president, chief credit officer, effective October 1, 2024. He will succeed Susan Springfield, who has served in the role since 2013. Springfield will remain with the company until the end of the year to support the transition. Hung will report directly to Chairman and CEO Bryan Jordan and reside in Memphis, Tennessee. "Tom's background in leading one of the largest national financiers of franchisors, franchisees, independent chains and private equity sponsors in the restaurant industry positions him well to take on this critical leadership role," said Jordan. — Editorial Staff

Highnote, Ferry team on card delivering same-day tips for waiters

Financial technology platform Ferry is teaming with embedded-finance firm Highnote to roll out a Visa-branded payroll card for BJ's Restaurants that will deliver tips to employees on the same day they earn them, according to a press release. Through an application programming interface, the firms enable automatic calculation of each server's tips, including split tips, across employee accounts, replacing the common practice of managers dividing tips delivered in cash or including them in biweekly paychecks. Ferry's platform also delivers early wage access for participating employers. San Francisco-based Highnote said the Ferry Prepaid Payroll Card is issued by New York-based Community Federal Savings Bank. — Kate Fitzgerald

Citi wealth exec David Bailin to leave the bank next month

Citigroup's chief investment officer for its wealth division, David Bailin, is leaving the bank after 15 years.

Bailin, a frequent commentator in the financial media who led Citigroup's advice to its wealthiest clients, will leave the bank on May 15, he said in a LinkedIn post. He added that he's looking forward "to publishing independent market commentary and insights."

Steven Wieting, chief investment strategist and chief economist for Citigroup's wealth division, will replace Bailin on an interim basis, according to a spokesperson for the New York-based bank.

Bailin's departure comes as Citigroup is pushing to improve returns in its wealth division, which is facing stiff competition from the likes of JPMorgan Chase and Morgan Stanley and has seen lackluster results in recent quarters. Last quarter, wealth revenue fell by 4% from a year earlier.

Last year, Chief Executive Officer Jane Fraser hired Andy Sieg to push for an overhaul of the division. Most recently, Sieg brought on board former Bank of America colleague Don Plaus to run Citigroup's private bank in North America. —Todd Gillespie, Bloomberg News

JPMorgan hires health care Banker Dass from Deutsche Bank

JPMorgan Chase has hired health care banker Christopher Dass from Deutsche Bank as a managing director covering pharma-tech and pharma-services companies, according to people familiar with the matter.

Dass will join the New York-based bank's mid-cap investment banking group reporting to John Richert, said the people, who asked to not be identified because the details aren't public. He'll also work closely with JPMorgan's North American health care services investment banking team — headed by Nick Richitt — on situations involving larger companies, the people added.

Spokespeople for JPMorgan and Deutsche Bank declined to comment.

Dass joined Deutsche Bank in 2018 and was most recently a managing director. He has been an investment banker for about 10 years, after starting his career as an M&A lawyer. — Michelle F. Davis, Bloomberg News

Deutsche Bank’s co-head of Americas ECM Bohm has left the firm

Deutsche Bank's co-head of Americas equity capital markets Beau Bohm has left the firm, according to people with knowledge of the matter.

New York-based Bohm rejoined the German lender in 2021 from Wells Fargo, where he was head of technology, media and telecom ECM. At Deutsche, he focused on transactions in technology, media and telecom and health care, and co-led the business with Nick Williams.

A Deutsche Bank spokesman declined to comment.

While at Deutsche, Bohm worked on transactions for companies including Clover Health Investments, securities filings show. Before Wells Fargo, he worked at Citadel, Cowen and Deutsche Bank, Finra records show. — Gillian Tan, Bloomberg News