Mizuho Financial Group Inc. (ADR) (NYSE:MFG) has recently made two new appointments in its higher management. The company recently hired Haendel St. Juste as the managing director of and Senior Equity research analyst of Real Estate Investment Trust. Added to this, MFG has also hired Salim Syed as its Managing Director and head of Biotechnology research. The two new directors have over 16 and 12 year of experience of Wall Street, respectively. Both directors are expected to report to Sheryl Skolnick, the head of equity research.
MFG has been declining in the market earlier this month, following the filing of its 3Q2015. The company had reported a 19% decline in profit, owing mainly to a decline in bond trading and lending income. The news was also accompanied by a statement from the Bank of Japan, which stated that the bank would now start charging lenders for deposits held at the central bank. As a result, analysts believe that Mizuho would find it difficult to improve its profits in the coming months. Furthermore, the global financial markets are also experiencing a slowdown, which further adds to Mizuho’s troubles.
Given the current market conditions and the fact that Mizuho is losing its profits, it would make sense for the company to appoint well experienced and proven names to its higher management. The CEO of Mizuho, John Koudounis, expressed his delight at the new appointments and stated that the experience and knowledge of the two directors would be a great asset for the company and its clients. The managing director of Mizuho, Matt DeSalvo, stated that the two new additions would help his company deliver top quality research products to the company’s clients. However, the company still has some surrounding concerns about its declining profits. MFG still has to declare its plans for improving its profit position in the near future.
Mizuho Financial Group Inc. (ADR) (NYSE:MFG) experienced a trade volume of 505,590 shares during the February 18 session to reach a close at $2.98, after gaining 0.34% during the session.