Washington Mutual hires Amex CRO
Washington Mutual, the Seattle-based retail bank, has hired Steve Lobo as the company's senior vice-president and treasurer. Lobo, previously the risk watchdog at American Express, will be responsible for enterprise-wide treasury management functions, including market risk analytics, treasury operations, cash management and integrated responsibility for capital markets.
AEFA had 11% of its roughly $32 billion portfolio invested in junk bonds and high-yield CDOs when it discovered the extent of its losses. It took steps to reduce that to 7%, which it said was in line with industry averages. About $403 million of the charge reflected the effect of higher default assumptions on the value of its CDOs, $344 million reflected losses taken on bonds sold to rebalance its portfolio and the remainder represented losses on related investments. The second-quarter loss came on the heels of a $182 million first-quarter pretax charge, also taken to cover the write-down and sale of high-yield investments.
Prior to American Express, Lobo served as senior vice-president of US Bancorp's treasury department, where he was responsible for asset and liability management, investment portfolio management, net interest margin analysis, securitisation activity and funding strategy.
He also worked as a derivatives products manager for the Northern Trust Company from 1993-1996; a financial economist in the Options and Equities Group of the Chicago Board of Trade from 1989-1993; and a financial analyst with Continental Bank.
In his new position Lobo will report to Tom Casey, Washington Mutual’s chief financial officer.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on People
People: Isda taps four new directors, O’Callaghan joins CA, Berlinski quits Goldman, and more
Latest job changes across the industry
People: Citi snags Raghavan, SocGen bags Estrada, all change at NYCB, and more
Latest job changes across the industry
Kane to leave Citadel Securities for senior Miax role
Options exchange has been on a four-year acquisition spree
Asia moves: senior hires at Millennium, Citi, SMBC and more
Latest job news from across the industry
Ken Pang set to join Millennium as Asia equities head
Former Credit Suisse markets co-head joins hedge fund’s Hong Kong office
People: Risk shake-up at Santander, JPM juggles markets, and more
Latest job changes across the industry
People: UBS rejigs EQD, risk head departs; Rustad joins buy side, and more
Latest job changes across the industry
Rustad re-emerges at Taula Capital
Former JP Morgan clearing head to help prepare for Q2 fund launch
Most read
- SG trader dismissals shine spotlight on intraday limit controls
- Basel Committee reviewing design of liquidity ratios
- Too soon to say good riddance to banks’ public enemy number one