Trading Places: AJ Bell founder steps down, crypto loses more than 1,000 jobs, Santander’s new CEO

The crypto sector was hit the hardest by the recent plunge in markets. Coinbase cut 1,000 jobs – about a fifth of its employees, while Crypto.com and BlockFi are slashing a combined 400 jobs.

Crypto bosses “need to project a little humility in the face of job losses, hiring freezes and rescinding offers,” said Charley Cooper, former chief operating officer at the US Commodity Futures Trading Commission..

AJ Bell Bell, who in 1995 co-founded the business that has become one of the UK’s largest investment platforms, will remain on the board and take on the role of non- executive deputy chair. He will be succeeded by Michael Summersgill on 1 October, who joined AJ Bell in 2007.

Berenberg laid off around 50 people in its New York office in the latest sign that investment banks are preparing for cuts after a slowdown in revenue. The cuts will affect around a third of its employees.

JP Morgan hired a former Bank of America dealmaker to head up its equity advisory unit covering emerging markets following a shake-up of the team earlier this year. Gokul Mani is set to join the US bank in the summer as head of Europe, the Middle East and Africa emerging markets ECM, according to an internal memo seen by Financial News..

Credit Suisse hired senior dealmakers Jasper Reiser and Dimitri Reading-Picopoulos for its UK investment banking team as it looks to rebuild its ranks after a spate of departures.

Banco Santander named Héctor Grisi, its head of Mexico and North America operations as its new chief executive, as the Spanish bank braces for a period of economic uncertainty in many of its markets. Grisi joined Santander in 2015 as head of its Mexico unit, and in 2019 In those jobs he has cut costs and increased customers in Mexico, and he turned a struggling unit in the US into the largest contributor to profit in the group last year.

The bank confirmed that current CEO Jose Antonio Alvarez would leave his role as of 1 January, ending a seven-year tenure.

HSBC named James Horsburgh, who previously led the UK lender’s leveraged and acquisition finance business in Asia, to global head of HSBC’s private capital group.

A similar battleground for private markets talent has emerged in asset management, with competition so intense that those with the right skills and knowledge can command salary increases as high as 40%.

UBS Asset Management has hired Andrew Morris as head of infrastructure equity, working within the firm’s real estate and private markets group in the newly created role.

Morris joins from Canadian Pension Plan Investments, where he was a managing director overseeing infrastructure and real assets.

Meanwhile, HSBC Asset Management has appointed Borja Azpilicueta to head up a newly created capital solutions group, which will sit within its $ 58bn alternatives business. Azpilicueta will move across from HSBC Global Banking’s private capital group, where he was global head.

Neuberger Berman has appointed Manuel Kalbreier as head of alternative specialists. Kalbreier joins from Wellington Management, where he spent seven years as managing director and regional director for alternatives in Emea.

In the world of law, the co-founders of the highly profitable private equity legal boutique Dickson Minto have stepped back from their executive roles, as the firm eyes succession to a new generation.

The firm was founded in Edinburgh in 1985 by Alastair Dickson, 71, and Bruce Minto, 64, who were both lawyers at Scottish firm Dundas & Wilson. The pair have stepped back from their executive roles at Dickson Minto and taken up co-chair positions. as part of a plan to pass on control of the firm, a person familiar with the firm told FN.

Paul Hastings hired private equity partner Tom Cartwright from rival US firm Morgan Lewis & Bockius in London as law firms continue to hunt for top private equity talent. Cartwright had been a partner at Morgan Lewis since 2014. He was previously a partner at UK firm Taylor Wessing.

Among fintech firms, Tandem Bank said appointed Paul Pester as a non-executive director and chair-designate, subject to regulatory approval. Current chair, Jeffrey Pritchard, told the board earlier this year that he planned to retire at the end of June, having led Tandem through a period of significant transformation since joining in 2016. Pester previously held senior positions at Virgin Money, TSB, Lloyds Bank and Santander. He was also chair at Oplo, which became part of Tandem earlier this year, prior to this appointment.

With diversity still high on the agenda, FN opened entries for its 16th annual Most Influential Women in European Finance list.

FN is kicking off the list in the same week as the latest data about Black bankers on Wall Street shows banks’ progress on improving diversity is moving at a “snail’s pace.”

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