LONDON, Sept 17 Japan's Mizuho has
hired Michiel de Jong, an investment banking veteran of Dutch
group ABN AMRO, to run its London-based advisory and securities
business as it tries to make inroads into the international
De Jong, who started as president and chief executive
officer of Mizuho International on Monday, replaces Paul Hearn,
a former BNP Paribas debt specialist brought in two and a half
years ago to bolster the European business.
Hearn, who stepped down in May but is due to stay on as an
adviser until the end of October, is leaving to pursue other
interests, a spokeswoman said.
Mizuho has about 400 staff in its London investment banking
and securities business. The broader Mizuho group said at the
end of 2011 it was cutting 3,000 jobs, or 5 percent of its
workforce, by 2016 as it merges its retail and banking units.
Hearn chopped and changed some of the London teams, hiring
in areas such as high-yield bonds. The bank also now handles
bond issues in currencies such as euros and renminbi when it
used to focus on yen.
De Jong, who started at ABN AMRO in Amsterdam but became
country manager in the likes of Germany and Hong Kong, said in a
statement that he was pleased to be joining at a time when
"Japanese banks can take advantage of the economic conditions in
Europe and the United States to ... grow internationally."
De Jong had joined the executive committee of Royal Bank of
Scotland's global banking and markets business when the
UK bank took over ABN Amro, but he left the group in 2009. He
has since been involved in various private equity initiatives,