Mizuho Hires Deutsche Bank Veteran Pavan for Fixed-Income Salesby
Subhathra Pavan spent 15 years at the German investment bank
Mizuho is increasing North America staff as Europeans retrench
Mizuho Financial Group Inc. hired Subhathra Pavan, a 15-year veteran of Deutsche Bank AG, for fixed-income sales as the Japanese bank expands on Wall Street to wrest business from weakened European rivals.
Pavan will focus on sales to U.S. banks and government-sponsored entities, Mizuho said in an e-mailed statement. She’ll report to Thomas Hartnett, who also joined Mizuho from Deutsche Bank as head of fixed-income sales and trading in July.
Mizuho has been investing in its business outside Japan, adding bankers in the U.S. who trade stocks, underwrite bond offerings and advise on mergers. The Tokyo-based firm is seeking to increase staff in North America by at least 10 percent this year, while Deutsche Bank and other European lenders cut thousands of jobs to shore up profitability and capital.
“European banks need to rethink their strategy," Andrew Dewing, Mizuho’s head of North American banking, said in a March interview. “This is a huge opportunity for a bank like ours.”
Pavan will focus on improving the firm’s ability to sell certain securitized products that are “critical to Mizuho’s growing U.S. client base,” according to the statement.
She was a managing director in cross-rates sales at Deutsche Bank, where she had worked since 2001, according to the Financial Industry Regulatory Authority. Prior to that, she worked in the Federal Home Loan Bank system, including as treasurer for FHLB Dallas, according to the statement.