A New York-based infrastructure and utilities coverage banker has left Commonwealth Bank of Australia, which is downsizing its global banking and markets division, to take up a new role at National Australia Bank.
The banker, Steven Vella, had been with CBA for more than 15 years and was a director for Americas infrastructure and utilities coverage in New York until last month.
His departure is said to be connected to an overhaul of CBA’s institutional banking division under new ceo Matt Comyn that was reported in September (Bloomberg, 9/13). As many as 100 jobs are set to disappear across the bank’s offices in Europe, North America and Australia in the latest round of redundancies, PFR understands.
“In order to be future-fit and to contribute to the Group strategy of building a better bank, we recognised a need to simplify and strengthen IB&M," said a spokesperson for the bank in Sydney in an emailed statement, referring to its institutional banking and markets division. "We have combined our client relationship management, and product origination and structuring, into one business unit called Client Solutions."
Vella declined to comment when reached by phone on Nov. 20.
At NAB, Vella has been appointed director in the resources and infrastructure team, where he is expected to work closely with the specialised and acquisition finance team led by Nick Barlow as well as other product groups.
The specialised and acquisition finance team is in the process of drafting in a replacement for Nick Pucius, who was director of Americas energy before he returned to Melbourne last month (PFR, 10/22).