Citigroup announced that Brian Leach will assume the role of chief risk officer, reporting to Chief Executive Officer Vikram Pandit. Leach will also become acting chief risk officer for the institutional clients group. The company also named four new senior managers to the risk unit -- Suneel Bakhshi , Charles Monet, Greg Hawkins and Adil Nathani -- who will all be reporting to Leach. In his new role, Leach will work closely with Pandit heading up the bank's efforts to manage and track all risks undertaken by Citi. He will also lead the efforts to set strategic risk parameters and will play a significant role in capital allocation to make sure that Citi takes advantage of growth opportunities that meet appropriate risk-return standards. Meanwhile, Jorge Bermudez has retired. Over the last three months, Bermudez has worked closely with senior management to assess and develop a plan for the risk function. Citi also said that Bakhshi has been appointed at chief risk officer of the global consumer group and for Citibank N.A. In his new role, Bakhshi will focus on managing risk, including market, credit and operational risks, in these units. Monet will lead the risk oversight of capital allocation. He currently serves as an advisor to the co-chairmen of the Basel subcommittee defining regulatory capital requirements for default risk in banks' trading books. Hawkins will assume responsibility for risk oversight of real estate and mortgage exposure. Hawkins was an assistant professor in finance at the business school of the University of California, Berkeley. He joined Salomon Brothers in 1985, beginning in mortgage research and later becoming managing director and co-head of U.S. fixed income arbitrage. Nathani assumes responsibility for risk oversight of structured credit. He is a managing director as well as a member of Old Lane's fixed income team. Previously, he served as managing director, group executive and a board member at IXIS Capital Markets, where he also ran various units, including securitization and finance and structured credit products, among others. Before this, Nathani spent several years managing fixed income assets at Smith Breeden Associates, Ambac and Normandy Asset Management. Leach is currently the chief risk officer and co-chief operating officer of Old Lane. Before co-founding Old Lane, Leach worked his entire financial career at Morgan Stanley, most recently as risk manager of the institutional securities business. -- ASR Staff
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Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of years.
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Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24