Former Aviva CFO Stoddard joins BofA as investment banking vice chair
Reuters
Published May 25, 2021 02:27
(Reuters) - Former Aviva (LON:AV) Plc Chief Financial Officer Tom Stoddard joined Bank of America Corp (NYSE:BAC) as vice chairman of investment banking, according to an internal memo, returning to his advisory roots after a stint in the insurance industry.
Stoddard, who advised on such situations as American International Group Inc (NYSE:AIG)'s $182 billion bailout and restructuring during the financial crisis of 2008, will be based in New York and focus on financial institutions globally.
A Bank of America spokesman confirmed the appointment.
Stoddard was group CFO at Aviva between 2014 and 2019, where he helped the UK insurer improve ratings and restructure businesses. After leaving Aviva, Stoddard worked as interim group CFO at Athora and senior adviser at McKinsey & Co.
Before moving to the insurance industry, Stoddard worked on deals and financing transactions at firms including Blackstone (NYSE:BX) Group Inc and Credit Suisse (SIX:CSGN) Group AG.
At Blackstone, he worked on several deals around AIG's massive restructuring. In one of his assignments, he advised AIG to reject a $35 billion deal to sell its Asian life insurance business AIA to Prudential (LON:PRU) Plc after the buyer tried to cut the price. Instead, he advised AIG to pursue an IPO of the unit, raising some $20 billion.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.