Alvarez & Marsal, an independent professional services firm, is continuing to face demand for its restructuring, turnaround and performance improvement services and has hired two advisers in its European Financial Industry Advisory Services (FIAS) team. This follows the appointment of nine experts to the team in March.
A&M, which is running the largest bankruptcy in history, Lehman Brothers, has been expanding its pan-European financial industry team in light of the continued distress in the financial sector and the need for turnaround advice.
Ann Cairns, managing director and head of the European FIAS team, said: “We have seen some settling down in the sector in recent weeks, but there’s a long way to go before financial institutions are out of the woods. Further consolidation is likely, and more injections of finance by governments are possible. Firms are battling now to get their costs under control, identify those core functions that will be both profitable and reliable in the future, and manage their non-performing assets out of the business.”
Joining the European team as a managing director with more than 15 years’ experience in international consumer finance and banking is Caio Gilberti. He was previously chief retail banking officer for GE Capital in Europe and handled multiple acquisitions and divestitures with an aggregate transaction value of US$5bn. Prior to GE Capital, he managed the turnaround of American Express Travellers Cheques and was also head of venture capital and private equity investments for American Express.
Sharon Mann is a senior associate at Alvarez & Marsal, with 15 years’ international global banking experience. She specialises in consumer finance, transaction services, operations and technology management, restructuring and performance improvement. Prior to A&M, she was at Citigroup, where she undertook portfolio acquisition and integration, the restructuring of strategic operations throughout Europe, the Middle East and Asia, and management of transformation programmes resulting in US$100m in savings.
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