Former Aviva Plc Chief Financial Officer Tom Stoddard joined Bank of America Corp as vice chairman of investment banking, according to an internal memo, returning to his advisory roots after a stint in the insurance industry.
Stoddard advised on such situations such as American International Group Inc’s $182 billion bailout. And also, in restructuring during the financial crisis of 2008. This will be based in New York and focus on financial institutions globally. The appointment has been confirmed by the Bank of America Spokesman.
Between 2014 and 2019, Stoddard was group CFO at Aviva. There he helped the UK insurer to improve their ratings and also to restructure their businesses. Then he left Aviva. He worked as interim group CFO at Athora and senior adviser at McKinsey & Co. At firms including Blackstone Group Inc and Credit Suisse Group AG, he worked on deals and financing transactions. This helped him later on, while he moved to the insurance industry.
He worked on several deals around AIG’s massive restructuring, at Blackstone. Stoddard advised AIG to reject a $35 billion deal. This is to sell its Asian life insurance business AIA to Prudential Plc after the buyer tried to cut the price. He advised AIG to pursue an IPO of the unit instead of this. That could raise some $20 billion.
