Former NYDFS superintendent Harris rejoins Sullivan & Cromwell

October 31, 2025 2:31 PM

In this week's banking news roundup: Former New York Department of Financial Services Superintendent Adrienne A. Harris rejoins Sullivan & Cromwell as of counsel and senior policy advisor; Founders Bank appoints Karen Grau to its board of directors; Deutsche Bank's DWS Group will open an office in Abu Dhabi; and more.

Adrienne Harris rejoins Sullivan & Cromwell

Following her tenure as superintendent of New York State Department of Financial Services, Adrienne A. Harris has rejoined Sullivan & Cromwell as of counsel and senior policy advisor in the firm's New York office.

"We're delighted to welcome Adrienne back to our firm as we continue to focus on providing the highest quality counsel to our financial services clients and expanding our work in global financial markets," Sullivan & Cromwell co-chairs Robert Giuffra and Scott Miller said in a Thursday press release.

As the longest-serving superintendent in New York's history, Harris worked to improve the financial system and played a significant role in shaping cryptocurrency development and regulation globally. Her extensive public service background includes roles in the U.S. Treasury Department and as special assistant to the president for economic policy under President Obama.

"I'm thrilled to return to S&C, where I began my career," said Harris, who will also return to academic work and board service. — Traci Parks

Founders Bank welcomes Grau to board of directors

Founders Bank appointed Karen Grau to its board of directors this week. A key figure in the bank's inception and growth, Grau recently retired as Founders' executive vice president and CFO. She brings over four decades of experience in financial management, policy development and risk management to her new role.

"With the addition of Karen Grau to our Board of Directors, Founders Bank is taking significant strides to strengthen our governance framework," CEO Martin McCarthy said in an Oct. 30 press release.

Grau's career highlights include leadership roles at FBR National Bank and Trust, Congressional Bank and Monument Bank, where she oversaw growth and financial stability, and managed key relationships with regulators.

Founders Bank serves businesses, nonprofits and individuals across the greater Washington region. — Traci Parks

Deutsche Bank’s DWS Group joins rivals in setting up Abu Dhabi office

Deutsche Bank's investment arm DWS Group is opening an office in Abu Dhabi, the latest money manager seeking to tap growing wealth in the booming region.

Germany's largest asset manager secured a financial services permission from the Financial Services Regulatory Authority, it said in an emailed statement Monday. Joe Kiwan, head of DWS' Middle East and Africa coverage, will relocate from Paris to run the firm's first office in the region.

Kiwan will focus on regional strategy, client relationships and strategic partnerships, according to the statement. The outpost is expected to employ three sales specialists, with plans to grow the local workforce further, Bloomberg News reported in June. CEO Stefan Hoops looks to position DWS as the preferred asset manager for institutional investors plowing money into Europe, including Germany, where the government this year unveiled a landmark spending package. Frankfurt-based DWS, which manages more than €1 trillion ($1.2 trillion) in assets, will be reporting its third-quarter results on Wednesday. — Leonard Kehnscherper and Nicolas Parasie, Bloomberg News

Blackstone hires Michele Raba to lead European private equity

Blackstone has hired Michele Raba as head of European corporate private equity as the alternative asset manager pledges to step up its investment in the region.

Raba, most recently with Apollo Global Management as lead partner for European private equity, will join Blackstone in April, according to a statement reviewed by Bloomberg News. He's taking over from Lionel Assant, who was elevated to serve as global co-chief investment officer.

Blackstone has been investing in Europe for over 25 years with more than $350 billion in assets. The firm has said it will deploy more than $500 billion across the region over the next decade. Blackstone President Jon Gray last week said the "deal dam is finally breaking."

Raba joined Apollo in 2010 and was involved in deals including Oldenburgische Landesbank, Gamenet, Lottomatica, Ingenico and The Travel Corporation. Prior to joining Apollo, Raba was an investment banker at Goldman Sachs. — Swetha Gopinath, Bloomberg News

Citi in talks with Angolan Bank to offer clearing services

Citi has held talks with Banco Fomento de Angola about providing dollar and euro clearing services to the African nation's second-largest bank, according to people familiar with the matter.

Banco Fomento de Angola, or BFA, is considering the possibility of opening dollars and euro correspondent accounts with the U.S.-based lender, the people said, asking not to be named as the information is private. The Luanda-based bank concluded a similar deal with Deutsche Bank — the last of several U.S. and European lenders to cut correspondent ties with the country in 2016.

Standard Bank Angola announced last week that it had established a correspondent banking relationship with JPMorganChase that would allow it to conduct U.S. dollar and euro transactions through accounts with the U.S. lender. BFA has also held talks with JPMorgan about dollar and euro clearing services, one of the people said.

A Citi spokesperson said the bank would respond later, while a representative for BFA wasn't immediately available to comment. — Henrique Almeida and Candido Mendes, Bloomberg News