Ajay Mahajan has put in his papers at Yes Bank, where he was Group President, Financial Markets, Institutions & Investment Management. He is reportedly joining Swiss banking giant UBS in a senior position. Mahajan was reporting directly to Yes Bank CEO and Managing Director, Rana Kapoor. He was also part of the of the executive management team at the bank and a member of the Bank’s Asset Liability Committee.
Rajat Monga, the Chief Financial Officer of the bank, has been appointed in Mahajan’s place. Monga, who was handling Rabobank’s treasury operations in India before joing Yes Bank, will assume full responsibility for the operations related to the financial markets, Yes Bank said in a filing to the BSE.
Mahajan had joined Yes Bank in 2004 from Bank of America (India), where he was Managing Director and Country Treasurer – Global Markets Group. He had worked with Bank of America for 14 years. His responsibilities in Yes Bank were trading and client distribution of FX, fixed income, derivatives and structured products in addition to balance sheet management. Mahajan also managed the relationships with all financial sector participants including banks, FIs, Mutual Funds & Insurance firms.