Northern Trust begins search for CFO to succeed Fox

Published October 2, 2026 3:00 PM

1 Min Read

In this week's banking news roundup:

Northern Trust in Chicago began its search for a new CFO to succeed David Fox, who will retire in March
The American Fintech Council was appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory
Wells Fargo tapped JPMorganChase investment banker David Harkin to advise on technology deals, and more.

Northern Trust initiates search for new finance chief

The Chicago-based custody bank Northern Trust will begin a search for a chief financial officer to succeed longtime CFO David Fox, who expects to retire next March.

The search will include internal and external candidates, Northern Trust said this week in a securities filing. Fox, who joined the bank in 2012, is expected to remain in the role through the first quarter of 2027 to "support a thoughtful and orderly transition," the bank said in a press release.

Fox has been Northern Trust's finance chief since 2024, overseeing the bank's global financial strategy, functions and operations including treasury, corporate tax, capital management and investor relations. In Northern Trust's most recent proxy statement, Fox is credited with helping the bank achieve "strong financial performance" while guiding expense discipline and strengthening governance.

Before he joined Northern Trust, Fox was employed by JPMorganChase. —Allissa Kline

CSBS names AFC to serve on newly formed nonbank advisory

The Conference of State Bank Supervisors appointed the American Fintech Council as an observer on CSBS' newly formed Nonbank Industry Advisory Council, or NIAC. AFC will participate in solutions to streamline state oversight while ensuring that consumer protection frameworks evolve alongside the industry.

"State regulators play a crucial role in overseeing the modern financial ecosystem, and we commend CSBS for their consistent industry engagement and creating a dedicated forum to collaborate directly with fintech companies and other financial service providers," AFC's CEO Phil Goldfeder said in a Sept. 30 press release announcing the appointment.

AFC's Chief Policy Officer Ian P. Moloney will represent the organization, while several of AFC's leading member companies will serve as industry representatives.

AFC is the largest and most diverse trade association representing financial technology companies and innovative banks. —Traci Parks

Wells Fargo hires JPMorgan’s Harkin to co-lead tech deals

Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, according to a person familiar with the matter.

Harkin, who had been co-head of internet investment banking at JPMorgan, will be based in San Francisco and report to Brian Gudofsky, Wells Fargo's head of TMT investment banking. Harkin will be a managing director and co-head of technology alongside Tej Shah.

A spokesperson for Wells Fargo confirmed Harkin's hiring and declined to comment further. A representative for JPMorgan declined to comment.

The move by Harkin comes on the heels of Wells Fargo hiring a trio of bankers who focus on the technology sector from rivals Citi, Bank of America and Deutsche Bank in May.

After joining JPMorgan from Lazard in 2010, Harkin worked on energy deals and was in charge of the bank's renewable energy practice in 2019 when he switched to tech banking. —Liana Baker, Bloomberg News

Morgan Stanley analyst Graseck to retire after 40 years

Morgan Stanley bank analyst Betsy Graseck, whose career at the firm has spanned four decades, plans to retire early next year.

Graseck, currently the global head of banks and diversified finance research, began her career in Morgan Stanley's fixed-income analysts program, according to a post on LinkedIn announcing her departure. She went on to lead the Japan financials research team in the 1990s, manage U.S. technology analysts during the dot-com era and spent two decades covering U.S. banks.

"I've seen 40 years of economic cycles, but within that 40 years there have been standout peaks and troughs," Graseck said via email. "Navigating through those peaks and troughs has fueled my passion."

Graseck, who briefly left Morgan Stanley to earn her MBA from Columbia University before returning, was a consistent voice on bank earnings calls, known for probing questions in a field long dominated by men. —Felice Maranz and Macarena Muñoz, Bloomberg News

Citi hires ex-Nomura banker Higuchi as Japan M&A head

Citi hired former Nomura Holdings banker Hajime Higuchi as head of mergers and acquisitions for Japan, as the Wall Street bank seeks to boost its dealmaking business in the nation.

Higuchi joined Citi's Tokyo-based securities subsidiary with his appointment effective Thursday, according to an internal memo seen by Bloomberg News and confirmed by a spokesperson. He was most recently international head of M&A at Nomura.

Japan has been going through a dealmaking boom, with government-led corporate governance reforms fueling record takeovers. Revenue at Citigroup Global Markets Japan, as the unit is known, rose 14% last year to the highest level in at least a decade, helped by gains in merger advisory.

Higuchi has more than 30 years of investment banking experience around the world, according to the memo. He takes over the role held by Yoshinobu Agu, who has been appointed head of sponsor coverage for Japan investment banking, a newly created role. —Takashi Nakamichi, Bloomberg News