Bloomberg News reports that Richards, who retired from the U.S. company in 2014 after almost three decades, has opened Insignis Asset Management, a cash management company that collates multiple bank accounts for high-net-worth customers, according to a statement on Monday.
The former co-head of Europe, Middle East and Africa corporate banking and debt capital markets at Bank of America, is chairman of the new firm. Giles Hutson, who previously worked under him at the investment bank, is chief executive officer.
In the meantime, Reuters reports that Bank of Montreal has hired Keith Wargo from Deutsche Bank to be a managing director in its U.S. consumer and retail investment banking group, according to people familiar with the matter.
Finally, Bloomberg News reports that Deutsche Bank said Gunit Chadha, chief executive officer for Asia Pacific, will leave next month, adding to a string of senior departures from the German lender over the past 12 months.
The bank will announce Chadha’s successor “in due course,” CEO John Cryan said in a message to employees posted on the firm’s website, without elaborating on the reason for Chadha’s departure. Chadha, who joined the firm in 2003, was named co-CEO of the Asia business in 2012 and became sole head last year.