People: NatWest gets new group CRO, JPM tunes up top team, and more

NatWest has promoted Abib Bocresion to group chief risk officer (CRO). Bocresion joined the UK bank in April last year as CRO for NatWest Markets, the group’s investment banking arm.

Bocresion’s appointment caps an unsettled period for the top risk manager role at NatWest, the UK’s fifth-largest lender by capital. The bank has had four group CROs in little more than three years. Bruce Fletcher retired in May 2023, with then-chief executive Alison Rose bringing in Keiran Foad to fill the position. Rose was forced to resign barely two months later, however, after the debanking of UK political leader Nigel Farage.

Foad remained for just two-and-a-half years under Rose’s replacement, Paul Thwaite, and left in January, handing over temporarily to Sean Pilcher, chief operating officer for group risk. Permanent replacement Bocresion joined at the start of July.

Bocresion previously worked at UK asset manager M&G as CRO responsible for investment risk across public and private markets. Before that, he was CRO for the non-ringfenced bank at Barclays. He has also held senior positions at Credit Suisse and JP Morgan.

JP Morgan Chase has elevated Doug Petno and Troy Rohrbaugh to co-presidents of the bank, reporting to chairman and chief executive Jamie Dimon. Petno remains CEO of the commercial and investment bank (CIB), a role the two previously shared, while Rohrbaugh becomes CEO of consumer and community banking (CCB), alongside the pair’s new roles.

The former CEO of CCB Marianne Lake has retired from the bank, where she had worked for 25 years, possessing various other roles including CFO and member of the operating committee.

Terry Duffy is stepping down as CEO of CME Group. He will be replaced in the role by Lynne Fitzpatrick, the group’s current president and CFO. He will transition to the role of executive chairman, which will become effective March 1, 2027, and will work closely with Fitzpatrick in her new role.

Duffy began his CME career as a runner in the lean hog futures pit in 1980, rising through the firm to become chairman in 2002. He has spent 25 years leading the company as chairman, executive chairman and CEO, overseeing the group as it became the first public US exchange.

Fitzpatrick joined CME Group in 2006, prior to which she was an investment banker at Credit Suisse and UBS.

stephane-mattatia of societe generale — Stéphane Mattatia

Equity derivatives structurer Stéphane Mattatia has left MSCI to join quant hedge fund QRT as quantitative trading director, according to his LinkedIn profile. Mattatia joined MSCI in 2018 as head of index products for Europe, the Middle East and Africa, and global head of thematic index products. Most recently, he was global head of index client solutions.

Before MSCI, Mattatia had a 13-year stint at Societe Generale, latterly as global head of product strategy for equity derivatives.

Goldman Sachs has hired David Benichou as a partner in investment banking and co-head of investment banking for France, Belgium and Luxembourg. He will be based in Paris and his role as co-head will have him working alongside Céline Méchain. She will continue to co-head the Paris office alongside Marc d’Andlau.

Benichou had previously spent 22 years at Morgan Stanley as head of investment banking France. He also worked in investment banking at Credit Suisse prior. In his new role, he will be working closely with Méchain as well as Anne Bizien, chief operating officer of investment banking in France, Belgium and Luxembourg.

BNP Paribas has hired Kavi Gupta as head of fixed income, currencies and commodities (FICC) trading in the Americas. He will report to John Gallo, head of global markets Americas and global head of the GM client group, and to Arne Groes, global head of FICC.

Gupta has more than 20 years’ experience in credit and rates trading. He began his career at Goldman Sachs before moving to Bank of America, holding roles across both credit and macro trading. Most recently, he served as senior portfolio manager at Jain Global.

JP Morgan digital assets executive Scott Lucas has moved to a newly created role at Barclays. Lucas joined the UK bank in June as head of digital assets for wholesale clients, leaving JP Morgan after 16 years.

Lucas will lead work on tokenised deposits, digital securities and payments and settlement infrastructure. His most recent position was head of markets digital assets at JP Morgan, following roles in treasury and liquidity.

Model risk specialist Jakob Lavröd has left Handeslbanken to join regional rival Nordea as lead quantitative risk analyst, based in Stockholm. Lavröd will focus on credit risk validation, including internal ratings-based (IRB) models and accounting standard IFRS 9.

Helsinki-headquartered Nordea, the largest bank in the Nordic area, is making a strategic push to build up its in-house validation team and reduce reliance on external consultants, Lavröd says.

Lavröd spent three years at Handeslbanken, most recently as a senior quantitative risk analyst. He was responsible for model risk and validation across a range of financial and non-financial risk models, including interest rate risk in the banking book (IRRBB). The role will be filled by Eric Grund, who completed his master’s thesis on credit risk stress-testing earlier this year under Lavröd’s supervision.

Clearing giant LCH has hired Helen Gordon as its new UK chief operating officer. Gordon reports to Susi de Verdelon, chief executive of LCH’s UK operations.

Gordon joined in May from JP Morgan, where she spent 12 years in roles across cleared derivatives. She previously held clearing positions at Barclays and UBS, and has served as a director on the European advisory board at the Futures Industry Association and on the FIA’s technology arm.

LCH confirmed that Gordon’s predecessor as UK chief operating officer, Roger Nolan, has left the firm.

Standard Chartered Singapore has appointed Alan Leigh as chief control officer, corporate and investment banking (CIB). He will report to Mark Price, chief operating officer, CIB, and sit on the CIB COO management team.

Leigh was previously UK COO for Bank of America in London and was head of first-line business controls for the bank across all its international activities outside the US. He has held senior leadership roles in New York, Tokyo and Hong Kong.

Ed Boll, Steve Ahn, Matthew Shaffer, Steven Weingroff, Nick Colucci, Julia Marcus, Jia Li and William Visconto

Broker-dealer Oppenheimer has expanded its institutional derivatives business with a team of seven from Guggenheim Industries. Ed Boll becomes the firm’s head of derivatives strategy, while Steve Ahn takes up the role of derivatives strategy and idea generation. Matthew Shaffer will be responsible for derivatives sales and trading and Steven Weingroff, Nick Colucci and Julia Marcus for derivatives sales. Jia Li will work on derivatives algo technology. In addition, the business will be supported by William Visconto in an external advisory capacity.

Vanguard has appointed Manish Nagar as chief risk officer. Nagar joined Vanguard in 2000 and has held many roles including CRO for investment management, head of risk for the firm’s European businesses and chief information security officer. He hs most recently served as head of business and operational risk. He and the global risk and security division will continue to report to Vanguard president and CIO, Greg Davis.

Nagar takes over the role from Joe Brennan, who joined the firm in 1991 and has held many senior roles, including global head of Index equities and CIO for Asia-Pacific.

Legal & General has appointed Zoe Wimborne as group CRO. She will report to Group CEO António Simões and will be a member of L&G’s group management committee. Wimborne replaces Chris Knight, who, after 17 years with L&G, is moving to the Financial Conduct Authority as director of insurance.

Wimborne had previously served 30 years in risk management, governance and regulatory programmes, most recently as global head of credit risk review at Citi. Prior joining Citi, she held senior risk positions at Morgan Stanley and Barclays Investment Bank.

The US Securities and Exchange Commission has appointed Kathleen Hutchinson as director of its office of international affairs (OIA). She began her career at the SEC as an attorney-adviser in the office of compliance inspections and examinations (now the division of examinations) in 2003 and joined the OIA in 2008. She has been acting director since January 2025.

The SEC has also appointed Paul Knight as COO. Knight joins from JP Morgan Chase, where he held various roles over the past 12 years, including managing the programme office for the Chase Bank expansion into 25 new states. He was previously a senior adviser and business manager at the US Department of the Treasury from 2012 to 2014, and had earlier worked in various roles at the SEC.

Dan Lavender has been appointed to the regulatory decisions committee (RDC) at the Financial Conduct Authority. He had previously worked as a solicitor and partner in the disputes practice of Macfarlanes for 30 years, where he led the firm’s contentious financial services work and held many senior positions during his tenure.

Philippe Lintern is stepping down from his role as head of FX trading at the Bank of England to study for an MSc in artificial intelligence. He has previously had roles as a market risk manager in the banking sector.

The CFTC has appointed Don Battle as chief data innovation officer in the division of data, and as a member of the innovation task force. He previously worked in the SEC as a senior adviser to commissioner Hester Peirce on its crypto task force and as assistant director in the enforcement division’s data science group. Previously, he was a virtual currency enforcement officer at the Financial Crimes Enforcement Network at the US Department of the Treasury.

The CFTC has also appointed Matthew Haws as senior adviser in the office of the chairman and as the Chicago regional administrator. He has 13 years of experience advising global financial institutions, recently as senior legal counsel at Marex. He was also previously a partner at Katten Muchin Rosenman.

The commission has also appointed Patrick Schorno as chief economist and economic adviser. He joins from the Public Company Accounting Oversight Board where he was deputy chief economist. Schorno was previously an executive director at Ally Financial and a financial economist at the Federal Reserve Bank of Richmond.

The Financial Markets Standards Board has appointed Asita Anche as chair of its electronic trading and technology committee. Anche had previously been working at Barclays as head of systematic market-making, risk centralisation and data science.

Katten Muchin Rosenman has appointed Charles Wakiwaka from Crowell and Moring to its structured products and derivatives practice in London. He follows partners Jennifer Kafcas and Alvino van Schalkwyk, who both joined last month.

Swift has appointed Michael Manos as chief information officer. He will replace Cheri McGuire, who is retiring as CTO, a role she has held since August 2021. Manos joins from Dun & Bradstreet, where he was CTO. He has 30 years of experience in various senior leadership roles across companies such as Fiserv, AOL and Microsoft.

Additional reporting by Alex Krohn

Editing by Louise Marshall