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Daniel Flynn

FCA appoints former Lehman Brothers director as senior adviser

From People Apr 23 2014 BY: Daniel Flynn

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The UK's Financial Conduct Authority has appointed two senior advisers, one of them a former managing director at Lehman Brothers.

Gunner Burkhart will provide advice to the FCA on wholesale and markets issues while David Saunders will promote effective competition using the forthcoming payment services regulator.

Burkhart held roles at Goldman Sachs and Deutsche Asset Management before joining Lehman Brothers in 2004 as managing director of senior relationship management in Europe.

After Lehman, he held roles at PricewaterhouseCoopers and Nomura International.

Saunders worked in the Department for Business, Innovation and Skills for over 35 years before becoming the chief executive of the Competition Commission in 2009. He retired from this role in March and currently stands as a special adviser at Europe Economics.

Martin Wheatley, chief executive of the FCA, said: “Both David and Gunner come with impressive experience in their respective areas, which will be a valuable resource for the teams as they look at competition and wholesale issues.”

In September 2008 Lehman Brothers filed for Chapter 11 bankruptcy following the loss of its clients and stocks and the devaluation of its assets by credit rating agencies. This represented the largest bankruptcy filing in US history and is often cited as a key factor in the recent global financial crisis.

Immediately after the collapse, Barclays agreed to purchase Lehman’s North American investment-banking and trading divisions along with its New York headquarters building. A week later, Nomura Holdings announced that it would acquire Lehman Brothers franchise in the Asia-Pacific region as well as its investment banking and equities businesses in Europe and the Middle East.

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