Former Aviva CFO Stoddard joins BofA as funding banking vice chair By Reuters
© Reuters. FILE PHOTO: A Financial institution of America emblem is pictured within the Manhattan borough of New York Metropolis, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri
(Reuters) – Former Aviva (LON:) Plc Chief Monetary Officer Tom Stoddard joined Financial institution of America Corp (NYSE:) as vice chairman of funding banking, in response to an inside memo, returning to his advisory roots after a stint within the insurance coverage business.
Stoddard, who suggested on such conditions as American Worldwide Group Inc (NYSE:)’s $182 billion bailout and restructuring throughout the monetary disaster of 2008, will likely be primarily based in New York and concentrate on monetary establishments globally.
A Financial institution of America spokesman confirmed the appointment.
Stoddard was group CFO at Aviva between 2014 and 2019, the place he helped the UK insurer enhance scores and restructure companies. After leaving Aviva, Stoddard labored as interim group CFO at Athora and senior adviser at McKinsey & Co.
Earlier than transferring to the insurance coverage business, Stoddard labored on offers and financing transactions at companies together with Blackstone Group (NYSE:) Inc and Credit score Suisse (SIX:) Group AG.
At Blackstone, he labored on a number of offers round AIG’s huge restructuring. In one among his assignments, he suggested AIG to reject a $35 billion deal to promote its Asian life insurance coverage enterprise AIA to Prudential (NYSE:) Plc after the client tried to chop the value. As a substitute, he suggested AIG to pursue an IPO of the unit, elevating some $20 billion.
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