Business Irish

Thursday 18 January 2018

Top bankers Gerlach and Murphy taking up jobs abroad

Stefan Gerlach
Stefan Gerlach
Donal O'Donovan

Donal O'Donovan

Two of the country's most senior financial sector figures have taken up new jobs abroad.

Former Central Bank deputy governor Stefan Gerlach is joining Swiss private bank BSI while AIB's Fergus Murphy has taken a new job at Clydesdale, the UK bank headed by his former boss, David Duffy.

Stefan Gerlach, one of two deputy governors at the Central Bank, announced his plan to leave the Irish regulator earlier this year. He had not put his name forward for the vacant top job at the Central Bank which has been filled by Trinity College Dublin economist Philip Lane.

Mr Gerlach told the Bloomberg newswire that he will become BSI chief economist in January, reporting to the bank's incoming chief investment officer, Yves Bonzon. BSI is a unit of BTG Pactual, which is grappling with the fallout from last month's arrest of its then-chairman and chief executive officer, Andre Esteves, amid a corruption probe in Brazil. BTG has reportedly put BSI and other assets up for sale to try to shore up its finances.

Meanwhile, Fergus Murphy, the former head of EBS and most recently AIB's director of corporate and institutional banking, is joining Scottish bank Clydesdale. As the bank's product director he'll report to chief executive David Duffy, who also left AIB for the UK lender earlier this year.

Clydesdale is owned by National Australia Bank but is being prepared for a stock market flotation in 2016 and is being positioned as a challenger to Britain's big banks.

Mr Murphy was tipped as a possible candidate to take over from David Duffy at AIB before that role was filled by Bernard Byrne, the bank's former head of personal and business banking.

Irish Independent

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