Meet John Rhea Who Will Take A Black-Owned Investment Bank To The Next Level

Black Enterprise reports that finance veteran John Rhea has been hired by Siebert Cisneros Shank & Co. L.L.C, and the potential is there for him to make a big impact on the firm’s growth.

By Ryan Velez

Black Enterprise reports that finance veteran John Rhea has been hired by Siebert Cisneros Shank & Co. L.L.C, and the potential is there for him to make a big impact on the firm’s growth. Even if you don’t use this bank directly, anyone interested in Black finance will want to keep an eye on this hire.

Rhea’s formal title will be the firm’s new president of corporate finance and capital markets, and wants to raise his division to Wall Street prominence. No stranger to corporate finance, he is a former chairman of the New York City Housing Authority and a 30-year investment banking professional and corporate executive.

At the moment, Siebert, (No. 3 in taxable securities, and No. 1 in tax-exempt securities on the BE INVESTMENT BANKS list of the nation’s largest black-owned investment banks), has ranked first as the minority and woman owned municipal finance firm for 18 consecutive years, according to information company Thomson Reuters.

Rhea’s endgame is to make Siebert the largest minority-owned financial firm, and he has several new plans to add business. This includes encouraging corporate clients to utilize debt and equity capital markets more to help finance deals. In addition, he is looking to leverage and continue leading the solid business Siebert has already accomplished in corporate bond underwriting, which includes underwriting share repurchases and IPOs.

Along with improving its areas of strength, Rhea is looking to break into areas where minorities and women have little footholds. For example, the private equity market is new ground for Siebert. This is big business overall for other firms, though. Over the five years to 2017, industry revenue for private equity, hedge funds, and investment vehicles in the United States is expected to grow at an annualized rate of 5.7% to $183.3 billion, according to IBISWorld, a Los Angeles-based research firm. Private equity is expected to account for 58.1% of total revenue.

Suzanne Shank, Siebert’s CEO and chairwoman, is excited to have Rhea join the firm.

“It is rare to be able to bring on someone with John’s talent, vision, depth, and range of experience and managerial expertise,” she said in a press release “His substantial corporate investment banking experience at several bulge bracket Wall Street firms and leadership roles in the private and public sectors will allow us to continue to grow and expand both our substantial client base and the depth of our services.”

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