Published October 16, 2026 3:30 PM
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Updated October 16, 2026 3:33 PM
1 Min Read
In this week's banking news roundup:
- Thayne Shaffer is retiring from America First Credit Union
- Cross River Bank names Evan L. Russo its new president
- Citi's employees in Saudi Arabia will work remotely as confrontation with Yemen's Houthi militants continues to impact the region, and more.
America First Credit Union
Thayne Shaffer announces retirement
After 38 years with
America First Credit Unionand 41 in the industry at large, President and CEO Thayne Shaffer has announced his plans to retire. In a heartfelt Oct. 13 LinkedIn post, Shaffer described his service to America First as the honor of his professional life. "Together, we have navigated hard challenges and served members in new and innovative ways," Shaffer said.
America First's current EVP and chief financial officer, Missy Key, will succeed Shaffer when he steps down on Feb. 28. "I look forward to working alongside Missy and our team throughout this transition and to celebrating the continued success of America First and its members," said Shaffer, who's worked closely with Key for over 36 years. "She is one of the most visionary and progressive leaders in the movement, and I have been constantly amazed by her intellect, compassion, and commitment to serving our members. America First is in the very best of hands." —Traci Parks
Cross River Bank
Cross River appoints Evan L. Russo its new president
This week, Cross River Bank announced the appointment of Evan L. Russo as its new president. He will report to Cross River founder, CEO and Chairman Gilles Gade, and will relinquish his role as lead independent director. Shimshon Gross, who has served on the board since Cross River's inception in 2008, will succeed Russo in that role.
Before joining Cross River's board, Mr. Russo served as CEO of Lazard Asset Management, where he led the firm's global asset-management business. Previously, he served as CFO of Lazard Ltd. and Lazard Group and as co-head of Lazard's Capital Markets and Capital Structure Advisory practice.
"As we enter this next chapter, Evan and I will bring complementary strengths to the path ahead. I will continue to focus on our vision for the future of financial infrastructure, our technology, and strategic partnerships, while Evan brings the institutional leadership, strategic focus and operating discipline required to scale that vision," Mr. Gade said in an Oct. 13 press release. —Traci Parks
Christopher Dilts/Bloomberg
Citi lets staff in Saudi Arabia work remote as attacks mount
Citi is letting its employees in Saudi Arabia work from home as confrontation with Yemen's Houthi militants continues to impact the region, just weeks before the bank's chief executive is scheduled to speak at a key conference in Riyadh.
The bank has allowed its staff in Saudi Arabia to work remotely under its contingency plans and has taken steps to ensure their well-being, Chief Financial Officer Gonzalo Luchetti said on a Tuesday call with media.
The bank continues to work with clients in the country, following through on plans for its business resiliency, he added.
Citi's office in Riyadh opened less than a year ago with a ribbon-cutting ceremony featuring CEO Jane Fraser and top Saudi ministers. The bank is based at Kingdom Tower, which is away from the capital city's financial hub, where firms were asked to shift to remote work.
Riyadh's main airport was struck multiple times over the weekend by Iran-backed Houthi rebels. –Todd Gillespie, Bloomberg News
Adobe Stock
Guggenheim industrial bankers leave for Solomon Partners
Solomon Partners has hired senior industrial bankers Geoff Blythe and Gunter Frangenberg from Guggenheim Partners.
They started in New York this month as partners at the boutique investment bank, according to a statement reviewed by Bloomberg News.
Solomon traditionally works on mid-cap deals in the consumer, industrials and business services sectors. The firm has been looking to move up to larger deals and these hires could bolster that effort.
Both Blythe and Frangenberg had been senior managing directors at Guggenheim Securities, the firm's investment banking arm, their LinkedIn profiles showed. A representative for Guggenheim declined to comment.
Blythe, who had joined Guggenheim in 2015, will be chairman of industrials at Solomon. Frangenberg, who was at Guggenheim since 2016, will lead the firm's coverage of chemicals, specialty materials and life science tools and diagnostics. –Liana Baker, Bloomberg News