Metro Bank raids FCA for new risk director
Metro Bank has appointed a new risk chief of operations (COO) who has just spent more than three years as the Financial Conduct Authority’s (FCA) deputy chief risk adviser.
Jose Morago says he’s “excited” to get back to the finance industry. After kicking off his career at Banco Santander managing credit risk, he moved into the insurance market before his most recent stint at the UK’s financial watchdog.
With his study and earlier career spanning Spain and Boston, Morago’s career seems to have settled in the UK when he became Aviva’s risk director in 2011 and helped manage a balance sheet size of over £100 billion.
“After three years at FCA, I am really excited with getting back to the industry and with the opportunity of leading the risk transformation of a great organisation,” Morago says in a LinkedIn post.
At the end of last year Metro Bank saw the departure of major chief executives, including founding chairman Vernon Hill and CEO Craig Donaldson.
Both men joined the retail bank in 2010 at its ideation, but after a tough year which kicked off with an accounting error that saw £900 million-worth of loans misclassified as less risky than they were, the bank suffered a staggering 89% loss off its market share value.
Kicking off 2020 with a new risk COO, Metro Bank is following suit of fellow challenger bank Revolut, which appointed a new group chief risk officer in November last year.