The Bank of London has replaced chief executive Christopher Horne less than a year after he was appointed.
Tony Bullman, who joined the bank from UBS earlier this year as chief financial officer, takes over from Horne as the fourth CEO in little over a year.
Horne joined Bank of London in January after a stint as the CEO of Credit Suisse’s UK subsidiaries. He left last month and now has a part-time directorate role at the clearing bank's holding company, according to The Banker.
Horne was installed as CEO after Mangrove Capital Partners seized control of the venture, removing Stephen Bell from the top position just months after he replaced founder and initial chief Anthony Watson.
Watson left amid a furore over a winding up order by UK tax authorities over unpaid bills at the real-time clearing, payments, and settlement bank. Mangrove then led a £42 million capital injection to rescue the outfit.
In May, the bank confirmed that it was under investigation by UK regulators in a move its auditors warned could cast "significant doubt" over its future. That probe is ongoing.