Phillip Lassiter intends to resign from his post as CEO of Ambac Financial Group at the end of the year, the company announced last week. "As I turn 60, I feel it is the right time for me personally to turn over the helm," said Lassiter in a press statement. Lassiter had been CEO for 13 years and will stay on as chairman. Robert Genader, current COO, will reportedly assume the role in 2004.

Markus Herrmann has jumped from Deutsche Bank Securities to HSBC, where he starts in July. Herrmann will head HSBC's European ABS research effort, reporting to Frances Hutchinson, head of European credit research.

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