Finance

Trading Places: Citigroup builds clean energy team, JPMorgan taps ex-Barclays boss Jenkins

Citigroup sees a ‘megatrend’ in the transition to clean energy, so is building a team of dealmakers in Europe to take advantage of a lucrative line in fees in the coming years.

Marie-Christine Olive and Philip ten Bosch were named co-heads of the natural resources and clean energy transition group in Europe, the Middle East and Africa, according to a memo seen by Financial News.

Doug MacKenzie will be chairman of the new unit at Citigroup. Ten Bosch, who also retains his role as global head of power investment banking, said the bank will hire as many as 10 dealmakers for the group initially, and sees a significant opportunity to grow.

Who says there are no second acts in finance? JPMorgan is bringing in former Barclays chief Antony Jenkins’s new firm to help build its digital banking brand Chase.

10x Banking, which Jenkins founded shortly after he was ousted in a boardroom coup from Barclays in 2016, has already helped Chase build its retail platform. But the bank still faces fierce competition from fintech startups such as Monzo, Starling Bank and Revolut.

Jacqueline Hunt, Allianz SE’s top asset-management executive, is stepping down from her day-to-day role following the launch of a US investigation into losses at funds run by the company. She oversaw life insurance businesses including Allianz Global Investors and Pacific Investment Management. Andreas Wimmer, chief of the Munich-based firm’s life insurance arm in Germany, will succeed her.

Jefferies hired Goldman Sachs banker Enrico Magnifico to head up a new push into strategic equity capital markets in Europe. Often called strategic equity solutions, these are bespoke products including margin loans or more complex hedging transactions that help companies protect the value of their assets. Few deals are made public.

The City of Londonelected its 693rd Lord Mayor. DLA Piper partner Vincent Keaveny will serve a one-year term, succeeding William Russell.

Over in Brussels, the new head of the top markets regulator for the European Union will start her role on 1 November after months of delay. Verena Ross, a German national, will be the chair of the European Securities and Markets Authority. She has over two decades of experience in regulation and started her career at the Bank of England. She replaces Steven Maijoor.

The talent war among law firms is as hot as ever. Freshfields Bruckhaus Deringer is poaching a top dealmaker from Cravath, Swaine & Moore. Damien Zoubek will join Freshfields as co-head of corporate mergers and acquisitions alongside Ethan Klingsberg. Lawyers are in high demand amid a boom in mergers and other transactions.

Wei Sun Christianson, Morgan Stanley’s top female executive in Asia, will retire at the end of the year after nearly two decades at the bank. Christianson, 65, is one of the most influential Asian women in finance and was instrumental in helping Morgan Stanley break into China.

UBS promoted a senior dealmaker to a new ESG advisory team in anticipation of a wave of deals. The Swiss bank named Laurent Bouvier global head of environmental, social and governance advisory, according to a memo seen by Financial News.

Separately, UBS also hired the former head of equity-linked origination at Morgan Stanley in Europe for a senior role in Asia. Pierre-Alexis Renaudin will become head of strategic equity for Asia-Pacific at UBS in Singapore.

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To contact the author of this story with feedback or news, email Brian Swint

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