Mizuho Financial Group Inc. said Royal Bank of Scotland Group PLC's Jennifer Powers, Victor Forte and Richard Smith will take senior roles in debt capital markets at the Japanese lender, which is hiring about 130 people from RBS to expand in the United States, according to a person with knowledge of the moves.
The wave of recruits, which includes at least two senior executives for corporate finance, stems from a February deal to buy loans from RBS, said the person, who asked not to be identified because the full scope of additions was not announced.
Powers will join Mizuho as joint head of investment-grade debt capital markets while Forte becomes joint head of syndicate and Smith leads leveraged debt capital markets, Mizuho said Tuesday in a statement, which disclosed the senior appointments without giving the number of hires.
Additions in corporate finance include Donald Sutton as co-head of origination overseeing health care, real estate and basic industries, and Michael Keating as head of global subsidiaries coverage, according to the statement.
"Capital markets is a strategic focus of Mizuho and our existing team has significantly advanced the platform over the past several years," John Koudounis, CEO of Mizuho Securities USA Inc., said in the statement. "The integration of Jennifer, Dick, Victor and others into our business provides added momentum."
Mizuho agreed this year to buy the loans for about $3 billion to gain access to corporate clients in North America. The portfolio consists of $36.5 billion of loan commitments issued to about 200 investment-grade companies, of which $3.2 billion has been drawn.
The Edinburgh, Scotland-based RBS, which was bailed out by the British government during the global financial crisis, is shrinking its global footprint to focus on consumer banking in its home market following seven years of losses.
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