NEW YORK, Sept 16 (IFR) - BBVA shook up its corporate and
investment banking unit in the US naming Michael Adler as head
of corporate & investment banking USA. The move consolidates CIB
leadership under a single structure.
Among Adler's first tasks in the new post will be to cut
some 35 positions across bank offices in New York, Houston and
Dallas in an effort to streamline the organizational structure
of the investment bank and concentrate on core clients,
according to a press release.
The cuts, roughly 10% of the US CIB, reflect a "difficult
environment marked by an uncertain economy and new business
models and competitors."
As part of the streamlining process, the bank said it will
also resize some teams and relocate functions.
Adler has been with BBVA for the last six years, most
recently as head of the bank's Compass' Commercial Banking group
where he was responsible for the strategic planning, product
development and financial performance of the segment.
(Reporting by Philip Scipio; editing by Shankar Ramakrishnan)