Magazine article American Banker

Executive Changes

Magazine article American Banker

Executive Changes

Article excerpt


HSBC Bank USA of Buffalo has created an anti-laundering group that it says will enhance its compliance with requirements set forth in the USA Patriot Act and other legislation.

The HSBC Holdings PLC unit has hired Teresa A. Pesce as an executive vice president and its anti-laundering director, a newly created job.

Ms. Pesce, who will join the company in its New York office next month, worked the past 11 years at the U.S. Attorney's Office. Most recently she was the senior trial counsel for the White Plains division of the office for the Southern District of New York.

She had also overseen all of the district's money laundering prosecutions from September 1999 to March of this year.

"Compliance with anti-money-laundering requirements is the highest priority at HSBC," said Youssef A Nasr, its president and chief executive officer. Ms. Pesce "has the experience and insight to lead this effort" and "will play a critical role in our ongoing efforts to enhance our anti-money laundering program."

U.S. Trust Corp., a New York unit of Charles Schwab Corp., has hired Linda S. Huber as its chief financial officer, an executive vice president, and a member of its management committee.

Ms. Huber was a managing director at Freeman & Co., a financial services consulting firm in New York. Before that she had been the vice president of corporate strategy and development at PepsiCo Inc. of Purchase, N.Y. Earlier she had been its assistant treasurer.

Before that Ms. Huber had been a vice president in the natural resources group of Bankers Trust Co., which Deutsche Bank AG later bought. Still earlier she had been an associate at First Boston Corp.

Credit Suisse First Boston Corp. of New York has put Richard Balarkas, a managing director, in charge of its newly formed equities trading services group.

Mr. Balarkas will remain the global head of advanced executing services marketing and will continue to be based in London. …

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