The Bank of London has appointed Tony Bullman as its new chief executive, replacing Christopher Horne less than a year after his appointment. Bullman, who joined the bank from UBS earlier this year as chief financial officer, becomes the fourth CEO in just over a year.
Horne, who took the helm in January following his tenure as CEO of Credit Suisse’s UK subsidiaries, departed last month. He is now serving in a part-time director role at the clearing bank’s holding company, as reported by The Banker.
Horne was appointed when Mangrove Capital Partners took control of the bank, ousting Stephen Bell shortly after he succeeded founder Anthony Watson. Watson’s departure came amidst a controversy regarding a winding-up order from UK tax authorities over unpaid bills, prompting Mangrove to lead a £42 million capital injection to stabilize the bank.
In May, the Bank of London confirmed it is under investigation by UK regulators, a situation its auditors warned could raise “significant doubt” about its future. This investigation is still ongoing.