FD jobs don’t have enough influence, says Kheraj

Naguib Kheraj, the incoming CEO of JP Morgan Cazenove has said that he turned
his back on FD roles because they do not have the final say in driving

Kheraj told Accountancy Age that he had turned down several FD jobs
before deciding on the CEO position at the leading investment bank because the
roles had less influence.

‘As a chief executive, you are more the driver of the business,’ he said.
‘I’ve been approached for a number of FD jobs, but if I’d wanted to stay as an
FD, I would have stayed at Barclays. It’s one of the finest FD jobs in the

Kheraj recently stepped down from a senior adviser role at Barclays worth a
reported £600,000 a month after giving up his job as finance director of the
bank in 2006. His career in investment banking began in 1986 at Salomon Brothers
in London, where he was a director in investment banking and also served as
European CFO. He also held a senior role at Robert Fleming before joining
Barclays in 1997.

The job is Kheraj’s first major posting after vowing not to return to an FD
role ‘any time soon’ following his time in charge of Barclays’ finance function.

A large slice of JP Morgan Cazenove’s operations focus on mergers and
acquisitions , a market which is currently in a slump, but Kheraj said that the
company had other strings to its bow.

‘Volumes in the M&A market are down, but JP has a large equity business
as well,’ he said.’ This includes advising on rights issues, which several of
the UK’s largest banks have done recently in efforts to bolster their balance

Kheraj, who is not a qualified accountant by trade added: ‘I grew up in
investment banking, so this is really going back to my roots. The job has got a
very nice combination of client work and running the business.’

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