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Jean will be gone


Europe's merry-go-round for senior bankers jerked forwards last week. Most dramatically, Jean Pierre Mustier is leaving UniCredit: he will not stay beyond April 2021, the end of his current mandate. The French chief executive disagreed with board members over strategy, and in particular whether the bank should concentrate more on Italy.

GlobalCapital has more on the intrigue here and here. In the debt markets, speculation that Mustier's departure might pave the way for the bank to absorb troubled lender Banca Monte dei Paschi Di Siena helped the latter issue a senior bond last week.

We don't yet know who will replace Mustier at UniCredit, but at Lloyds Banking Group white smoke did emerge for a Nunn: HSBC's global chief executive for wealth and personal banking, Charlie Nunn, was picked as its next chief executive. It comes as Lloyds may seek to expand its wealth business as a source of income not related to grounded interest rates.

He replaces António Horta-Osório, whose departure had been announced some time ago. Ironically, Horta-Osório is set to land at a bank with a big wealth franchise. Last week Credit Suisse said that its board of directors is proposing him as its next chairman, replacing Urs Rohner.

Back at Lloyds, in the event of a gap between Horta-Osório leaving and Nunn joining, chief financial officer William Chalmers — formerly co-head of global FIG at Morgan Stanley — will become acting CEO.

Credit Suisse's erstwhile head of international wealth management, meanwhile, also has a new gig. Iqbal Khan jumped ship to UBS least year, where he co-presides over that bank's global wealth management business.

Khan is now also becoming president of Europe, the Middle East and Africa for UBS, with previous incumbent and group chief operating officer Sabine Keller-Busse replacing Axel Lehmann as president of personal and corporate banking and president of UBS Switzerland. There's change in UBS's capital markets business too, with Ed Mulderrig appointed head of European debt syndicate.

If that wasn't enough, there are a final few job changes to report. Over at German bank Helaba, Marcel Göldner has been picked as the successor to Andreas Petrie, the retiring head of primary markets.

On the issuer side, Martine Mills Hagen, the head of funding at the Asian Infrastructure Investment Bank, has left to join the Opec Fund for International Development as its head of funding. And on the buyside, PGIM has hired Steve Logan as a senior portfolio manager in its European leveraged finance operations.

Finally, as one of France's most famous bankers prepares to leave UniCredit, another is busying himself with equity capital markets' hottest trend. Matthieu Pigasse, the former Lazard banker who joined Centerview Partners earlier this year, is one of the founders of a Paris-based special purpose acquisition company (Spac). Called 2MX Organic, the Spac will seek to acquire an organic and sustainable food business in Europe. No foie gras at the Pigasse household this Christmas then.