Mike Verdeschi, a long-time City veteran, has found a home. Join Charles Schwab.
Mr. Verdeschi will begin Monday as Schwab’s managing director and deputy CFO, the company announced Thursday. At the same time, Schwab announced that current chief financial officer Peter Crawford will step down after a planned transition period, although the company did not provide details on how long that period would last.
Mr. Schwab plans to appoint Mr. Verdeschi as CFO following the transition, the company said.
“I am deeply grateful to the Schwab team for this exciting opportunity,” Berdeschi said in a LinkedIn post Thursday. “I look forward to working with you and continuing our important mission of helping our customers build and manage their wealth.”
City announced in October that Berdeschi would be stepping down to pursue other opportunities. He joined the bank in 1990 and has been in charge of finance since 2017.
Verdeschi isn’t the only 30-year veteran to move to City during the biggest reorganization in at least a decade and a half.
City in March last year has named Anand Selva, a 32-year veteran of personal banking and wealth management, as its next chief operating officer.
Paco Ibarra, Citi’s head of commercial banking, announced in August that he would step down, but he remains a senior adviser at the bank, according to his LinkedIn profile.
Citi appointed Peter Babesi to temporarily replace Mr. Ibarra and gave him the title of “Head of Banking.” But Mr. Babesi also plans to retire this year.
Citi’s most high-profile black female executive, Titty Cole, the bank’s restructuring director, herself announced this week that she would be leaving to take a position as executive director of a nonprofit organization.
Mr. Verdeschi is expected to succeed Mr. Crawford, who served as CFO at Schwab for 22 years starting in 2017.
“Peter’s leadership has been central to Schwab’s evolution as one of the nation’s largest investment services firms,” said Walt Bettinger, co-chairman and CEO of Schwab. “His deep understanding of our business and strategy has positioned us for continued long-term success, and his desire to remain with us to ensure a smooth transition. It’s a testament to his leadership.” Thursday’s statement. “We also welcome an experienced executive with Mike Verdeschi’s experience to join our company to lead a disciplined approach to financial and balance sheet management as we lay the foundation for Schwab’s continued growth and success. I’m also lucky.”
Mr. Berdeschi will immediately assume responsibility for Schwab’s finance and financial management functions, as well as financial planning and analysis, the company said.
“As I begin this new chapter, I would like to once again thank many of my former colleagues at Citi for their incredible partnership and support over the years,” Verdeschi wrote on LinkedIn on Thursday.
Schwab’s CFO change comes as the company announced new executive changes. The company announced that Joe Martinet, the company’s chief operating officer, will become executive chairman of Schwab Banks, effective June 28.
