Kheraj takes JPMorgan Cazenove big chair

Kheraj cut his teeth as a director of investment banking at Salomon in the
mid-1980s prior to becoming European CFO, later forging his reputation as a star
banker at Barclays’ private client and capital markets groups.

His arrival at JPMorgan Cazenove was lauded by his new colleagues and the
financial community, given his reputation in London built on being one of those
high-flying youth prodigies (he was made CFO of Salomon Brothers Europe at 28)
and having climbed through some prestigious ranks to become Barclays’ FD without
an accounting qualification. On quitting last October, Kheraj revealed that he
thought FDs lacked influence. “I don’t want to be a finance director again any
time soon,” he reportedly told The Times – later conceding to
Financial Director’s sister newspaper Accountancy Age that he
had been offered several FD jobs thereafter but declined.

“As a chief executive, you are more the driver of the business,” he said. “If
I’d wanted to stay as an FD, I would have stayed at Barclays.” Apparently, the
regulatory burden that comes with the job of being a banking FD – and the cost –
outweighed the attractions of the profession.

Latterly enjoying self-employment as an adviser to both Barclays and the
Financial Services Authority, Kheraj told Accountancy Age as far back
as 2005 that he might bust such a move. “I wouldn’t rule it out [going for a
chief executive role],” he said, while in the thick of the FD job. “It’s more
likely I would do something more akin to what I’ve done in the past, which has
been to go back to advising on transactions or working in private equity.”