FILE PHOTO: A Bank of America logo is pictured in the Manhattan neighborhood of New York City, New York, United States on January 30, 2019. REUTERS / Carlo Allegri
May 25, 2021
(Reuters) – Former Aviva Plc CFO Tom Stoddard joined Bank of America Corp as vice chairman of investment banking, according to an internal memo. and returned to his consulting roots after working in the insurance industry.
Stoddard, who has advised on situations such as American International Group Inc.’s $ 182 billion rescue and reorganization during the 2008 financial crisis, will be based in New York with a focus on financial institutions worldwide.
A spokesman for Bank of America confirmed the appointment.
Stoddard was Group CFO at Aviva between 2014 and 2019, where he helped the UK insurer improve ratings and restructure the business. After leaving Aviva, Stoddard worked as Interim Group CFO at Athora and as Senior Adviser at McKinsey & Co.
Before moving into the insurance industry, Stoddard worked on deals and financing transactions at companies such as Blackstone Group Inc and Credit Suisse Group AG.
At Blackstone, he worked on several deals related to the massive restructuring of AIG. In one of his assignments, he advised AIG to turn down a $ 35 billion deal to sell its Asian life insurance business AIA to Prudential Plc after the buyer tried to cut the price. Instead, he advised AIG to go public on the unit and raise around $ 20 billion.
(Reporting by Paritosh Bansal in New York; editing by Muralikumar Anantharaman)
This article originally appeared on www.oann.com