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✨ALL THE LATEST NEWS AND MOVES FROM THE GLOBAL FINANCIAL MARKETS✨

✨LOOK WHO'S MADE THE NEWS WITH THE CITY'S LATEST MOVES✨

These are the latest Global Financial Moves over the past 7 days

Harry Sanders has been appointed a Vice President of Investment Banking at JP Morgan and is joining from Deutsche Bank where he spent the last six years. 

Karim Malek has been appointed a Director within the Equity Syndicate at Kepler Cheuvreux. 

Martin Davison has been named a Founding Partner and Director at Tanjun Capital Limited. Davison previously worked at Canaccord Genuity where he was a Managing Director of Investment Banking.

BBVA named Eric Michl as their new Head of Equities for Asia and was most recently the Head of Equity Trading for the APAC region at Natixis.

Arete Research have hired David Mak as an Equity Research Analyst covering the Internet sector and was most recently at Liberum.

Bari Goldman Wiley has been named a Managing Director and Head of Business Development at HarbourView Equity Partners.

Kelly Perry has been appointed Head of ESG Client Solutions at the Edison Group. 

Fearghal Dooney has been named a Director of Equity Sales at Bank of America and was most recently a European Equity Salesman at JP Morgan in New York. 

Bank of America have named Stephanie McNees has been named a Director of Execution Sales and was most recently a VP of Sales at Citadel Securities. 

Evercore have named Noah Rothman has been named a Managing Director and was most recently a Director of Institutional Equity Sales at RBC Capital Markets. 

Harry Barr is being promoted to Investment Banking Analyst at Macquarie Group

Dave Catto is starting a new position as Equities Trader at HSBC

Rupert Rink is starting a new position as Analyst Committee Member at UK Sustainable Investment and Finance Association (UKSIF)

Charlotte Vaisse is starting a new position as SRI Analyst at Lyxor Asset Management 

Fearghal Dooney is starting a new position as Director, Equity Sales at Bank of America Merrill Lynch 

Stephanie McNees is starting a new position as Director Execution Sales at Bank of America Merrill Lynch 

Noah Rothman is starting a new position as Managing Director at Evercore 

Andrew Sinclair, CFA is starting a new position as Business Development Consultant at Trahan Macro Research

Chirag Vadhia is starting a new position as Associate - Media Equity Research at Bank of America 

Dani Saurymper is starting a new position as Partner, Portfolio Manager at Pacific Asset Management

Tancrède Fulop, CFA is being promoted to Senior Equity Analyst - European Utilities at Morningstar

These are the latest moves in the City over the past 7 days and this is the ONLY place to receive all of the latest market moves. If you would like to see your name, or your company's new hires featured on here, get in contact and let us know the details.

✨THE TOP NEWS STORIES✨

These are the latest Global Financial News stories within the past month

✨BARCLAYS HEAD OF M&A TO LEAD INVESTMENT BANKING BUSINESS IN CONTINENTAL EUROPE✨ 

Barclays has elevated one of its most senior M&A bankers, Pier Luigi Colizzi, to lead its investment banking business in continental Europe while also giving him a seat on its Europe executive committee, according to a statement on Wednesday. Colizzi, who heads the M&A franchise in Europe, the Middle East and Africa, will retain his current responsibilities and lead the M&A team out of Milan where he recently relocated. A 27 year-old investment banking veteran, he joined Barclays in 2012 and has been instrumental in winning mandates on behalf of a wide range of clients including energy firm Enel and telecom operators Telenor and Masmovil. “Barclays Europe aims to be a consistent top tier bank in Continental Europe and Pier Luigi’s leadership skills, strong client relationships and strategic insight will help us achieve that target,” said Barclays Europe’s CEO Francesco Ceccato. Colizzi’s appointment is part of a series of internal promotions under a revamp of the investment banking leadership, aimed at making the most of booming activity. Global M&A broke records for a second consecutive quarter this year, with deals worth $1.5trn announced in the second quarter as companies continued to borrow cheaply and spend their cash reserves on transformative deals to reposition themselves for the post-COVID world. The British bank recently appointed Jean Francois Astier and John Miller as co-heads of investment banking along with Kristin DeClark and Taylor Wright as global co-heads of capital markets. Barclays has also reshuffled its financial institution group (FIG) following the departure of its EMEA technology co-head Ahsan Raza who is taking on an executive job as chief financial officer of Calastone, an investment funds transaction network backed by Carlyle.

✨GOLDMAN SACHS TO HIRE TWO THOUSAND NEW BANKERS✨ 

Wall Street bank Goldman Sachs on Monday expanded its back-office operations in the country with the inauguration of 1,300-seater office space in Hyderabad. The bank, which already has a similar office in Bengaluru, will be hiring 560 people by the end of 2021 as part of the expansion, according to a statement. It can be noted that a slew of global banks and financial institutions have such offices in parts of the country, including Bengaluru, Pune and Hyderabad, where local staff help carry out necessary processes for worldwide operations and innovation activities. Goldman Sachs chairman and chief executive David M. Solomon said he is excited to continue the growth in India, and the Hyderabad office will serve as an innovation hub for a wide range of businesses.

✨MORGAN STANLEY HAS A STELLAR YEAR, PROFITS SOAR✨ 

Morgan Stanley bankers cashed in on last quarter’s hectic period for dealmaking, helping the firm post its second-most profitable quarter on record and weather a steep decline in trading. Investment banking hauled in $2.38bn in revenue, according to a statement Thursday, vaulting past analysts’ estimates of $2.08bn. Fixed-income trading revenue tumbled 45% from last year’s pandemic-driven surge. Morgan Stanley’s results echo an investment-banking bonanza reported by rivals including JPMorgan Chase & Co. and Goldman Sachs Group Inc. earlier this week. “We had another strong quarter and we are firing on all cylinders,” Chief Financial Officer Sharon Yeshaya said in an interview. “The fixed-income decline was in line with peers, investment-banking pipelines are strong. We had record revenue in wealth management” and a profit margin of almost 28%. The company said net income in the second quarter reached $3.48bn the second-best on record, after the $4bn notched in the first quarter. Within the investment-banking division, advisory-fee revenue jumped 44% and equity underwriting climbed 22% to $1.07bn.

✨BARCLAYS NAMES THE NEW CO-HEADS OF INVESTMENT BANKING✨ 

Barclays has promoted JF Astier and John Miller to lead its investment banking business, as part of a new management team to oversee the business that mainly advises on big corporate deals such as mergers and stock market listings. The bank said the team, which will also include the heads of divisions such as human resources, compliance, legal and risk, will help its decision making to be more globally consistent and strategic. Astier was previously global head of capital markets and mergers and acquisitions, while Miller was global head of coverage investment banking. The British bank also said its co-heads of equity capital markets for the Americas, Kristin DeClark and Taylor Wright, will become global co-heads of the overall capital markets business. Barclays also appointed Travis Barnes as global head of its financial sponsors group, which mainly serves large private equity investors, and Marco Valla as head of its technology, media and telecommunications coverage. Barclays' investment bank has enjoyed a strong run in recent quarters, as volatile markets during the pandemic led to frenzied trading, while companies have raised record amounts through blank-cheque investment funds and stock listings. The latest reshuffle in the bank's investment banking unit comes as Barclays prepares to report first half earnings on Wednesday.

✨WEDBUSH SECURITIES JOINS BLOCKCHAIN-BASED PAXOS SETTLEMENT SERVICE✨ 

Wedbush Securities, one of the nation’s leading independent financial services providers, is pleased to announce it has joined the Paxos Settlement Service, the blockchain stock settlement network powered by Paxos Trust Company. Paxos is the first regulated blockchain infrastructure platform that uses technology to tokenize, custody, trade and settle assets. Paxos Settlement Service is a private, permissioned blockchain solution designed to allow two parties to bilaterally settle securities trades directly with each other. This blockchain enabled network is interoperable with the legacy clearing system and can facilitate settlement on any time cycle. Paxos leverages smarter margin calculations to free up capital and protect against risk. This reduces transaction settlement fees by 70% and significantly reduces clearing capital with a modern margin approach. “Wedbush has long been an innovator in securities clearing services.” stated Gary Wedbush, CEO of Wedbush. “It's crystal clear that Blockchain technology is destined to completely modernize securities settlement and custody. Paxos is way out in front in the evolution, and we are thrilled to be on board with this exciting new platform.” Charles Cascarilla, CEO and Co-Founder of Paxos, commented, “US equities settlement is opaque and relies on outdated technology. The Paxos Settlement Service reduces risk, enables greater trading liquidity and provides ownership transparency, which will revolutionize securities markets. We’re pleased Wedbush is joining our pilot program and believe their participation will facilitate important network benefits for all participants.” Wedbush joins Credit Suisse, Instinet, Societe Generale and other leading US banks in the Paxos Settlement Service, which currently operates under No-Action Relief from the Securities and Exchange Commission staff. Paxos will apply for full clearing agency registration and will grow the network to include more market participants.

✨HEAD OF EUROPEAN MARKET STRUCTURE FROM CITI DEPARTS✨

 The head of European market structure at Citi has departed after almost five years with the US investment bank. According to a market sources, James Baugh, the industry veteran decided to leave Citi having joined the bank in 2016 as director and market structure head in Europe. Baugh has previously worked at the LSE as head of pan-European cash equity sales and as director for client relationship management at the exchange group’s trading venue Turquoise.

✨DEUTSCHE BANK POACHES FIVE FROM UBS✨

 Deutsche Bank has hired a team of five wealth managers from UBS, as it seeks to build out its Swiss-based private banking business for wealthy British and Northern European customers. Led by Raoul Zehnder, the team will serve ultra-rich customers and the family offices that manage their wealth, as it seeks to gain market share in the market for British and Northern European money managed abroad, Deutsche Bank said in a statement. "Today's announcement is a strong sign of the commitment and progress Deutsche Bank's EMEA Wealth Management business is making in this strategically important region," Marco Pagliara, the bank's head of international private banking for the Europe, Middle East and Africa (EMEA), said in a statement. "We will continue to hire the best people in the industry to serve clients across the region in support of our ambitious growth agenda," he added. Zehnder will assume the role on Oct. 1, joined by senior relationship managers Patrik Minuscoli and Michael von Mecklenburg, senior investment manager Philipp Portenier, and account manager Vincent Jobst Weisse.

✨GAM NAMES NEW GLOBAL HEAD OF WEALTH MANAGEMENT✨ 

Zurich-based asset manager GAM is promoting Martin Jufer to the new role of global head of wealth management and Sean O’Driscoll will join the firm as the CEO of Luxembourg. Jufer joined GAM from Julius Baer in 2009 and has been responsible for the Private Labelling business since 2015. He will provide continuity by remaining on the boards of GAM's management companies in Switzerland, Luxembourg, Ireland and Italy. Jufer takes up his new wealth management role on 2 August and will remain based in Zurich. Sean O'Driscoll joins GAM from Universal-Investment where he was the country head of Luxembourg and a member of the group management board. O'Driscoll will remain based in Luxembourg and will provide leadership there to reflect the importance of Luxembourg within GAM's business plans. He has over 27 years of experience in the industry having worked at AXA, BlackRock and State Street in the US, Ireland and Luxembourg. O'Driscoll will join GAM on 2 August. Peter Sanderson, chief executive officer at GAM, said: "I'm proud to recognise GAM's long heritage managing assets on behalf of our wealth clients and believe that Martin's client focus and solutions mindset combined with our multi asset investment capabilities will continue to attract clients and deliver the excellent service that they expect.” He went on to say "Our Luxembourg team plays a critical role at GAM and Sean will further strengthen our leadership there, bringing his significant business-building, governance and oversight experience which will further develop our position as a leading third-party provider of fund solutions and management company services. I am delighted that GAM continues to attract such high-calibre professionals while also being able to promote so strongly from within our own internal talent."

✨MILLENNIUM MANAGEMENT PARTNERS WITH UBS FOR JUNIOR HIRES✨ 

If you want a job with Millennium Management, the hedge fund, you might need to start your career at UBS, the investment bank. Millennium has got an interesting arrangement whereby UBS trains-up graduate hires for its investment roles. The scheme has been running since 2020 and two cohorts (from 2020 and 2021) have participated so far. Under the arrangement, Millennium's investment trainees spend a year on UBS's equity research graduate training program before returning to the hedge fund as a research analyst on an investment team. The scheme is gradually being rolled out globally: in 2020 it was only open to students in the U.S.; this year, it's open to students in the U.S. and London, and sometime soon it may be open to students in Asia too. Applications for the next program open in August 2021. Places are highly competitive: fewer than 10 students have joined each cohort so far. Millennium isn't the only hedge fund to run a graduate training program - rivals like Point72 are big recruiters of junior talent. As far as we're aware it is, however, the only fund to place its graduates in a bank's training program like cuckoos in the bank research nest.

✨JEFFERIES ENTERS STRATEGIC ALLIANCE WITH SMFG✨ 

Jefferies Financial Group Inc. has agreed a “strategic alliance” with Sumitomo Mitsui Financial Group Inc., a deal that will see the Japanese company provide a credit line to the Wall Street firm’s leveraged finance operations and see the lenders join forces on certain pieces of investment banking business. The second-largest Japanese bank will also buy shares from the market to build up to a 4.9% holding in the New York-based firm, the Japanese lender said in a statement Wednesday. That reflects an equity investment of up to $386mn based on the closing stock price of Jefferies on July 13. Under the tie up, Jefferies and Sumitomo Mitsui will collaborate on corporate and investment banking activities such as cross-border dealmaking involving Japanese companies, U.S. sub-investment grade corporate business and opportunities in the U.S. health care sector. The Japanese firm will also provide financing to Jefferies Finance LLC, the leveraged finance underwriting unit, according to a separate joint statement Wednesday. “This partnership will allow us to enhance our global footprint and allow our clients to benefit from SMBC’s significant expertise, relationships and resources,” Chief Executive Officer Richard Handler said by email.

✨BNP PARIBAS & EXANE ACQUISITION IS COMPLETE✨ 

French investment bank BNP Paribas has completed the acquisition of its long-standing partner and equity brokerage Exane following confirmation of the deal in March. BNP Paribas has acquired the remaining 50% stake in Exane that it has held throughout its 17-year partnership with Exane in a deal that will bring the bank’s cash equities trading and research and derivatives activities back in-house. The development will boost BNP Paribas’ position in European equities following its major deal with Deutsche Bank in 2019 to take on the German institution’s electronic equities and prime brokerage clients, adding roughly $200bn of assets to BNP Paribas.“ Exane plays a key role in BNP Paribas global markets’ fully-fledged equity ambition as we bring in cash equities while continuing to strengthen our flow and derivatives offerings, and expanding the prime services business through the new integrated platform from Deutsche Bank,” said Olivier Osty, head of global markets at BNP Paribas. Earlier this year, BNP Paribas outlined plans to roll out an expanded prime services division following the integration of Deutsche Bank’s clients. The bank said during its fourth quarter 2020 earnings call that it expects the integration to be completed at the end of this year. The expanded unit will see BNP Paribas’ prime services become more closely linked with Exane under plans to develop the equity business within the corporate and investment bank division. BNP Paribas is aiming to become the top prime broker in Europe with its deal with Deutsche Bank, potentially breaking into the top four prime brokers to compete with the likes of Goldman Sachs, Morgan Stanley, and JP Morgan. “The acquisition of Exane, together with the transfer of Deutsche Bank’s global prime finance and electronic equities business to BNP Paribas, positions BNP Paribas as a European leader in global equities. It also supports CIB’s ambition in equity capital markets and M&A,” added Yann Gérardin head of corporate and institutional banking and COO at BNP Paribas.

✨NUVEEN HAS APPOINTED A NEW GLOBAL HEAD OF CLIENT SERVICES✨ 

Guy Prochilo joined Nuveen as global head of client services as the asset manager pursues a growth strategy while focusing on client services. Prochilo will lead Nuveen's efforts to improve the client experience, while building capacity and delivering operating excellence to support the firm's growth. Under his leadership, Nuveen will further increase its focus on clients through enhanced technology, data and customer experience, the group said. Prochilo will be based in New York and report directly to Mike Perry, head of global client group at Nuveen. He joins the firm after spending more than 20 years at AllianceBernstein, where most recently he served as senior managing director and COO for their Global Client Group. During his time at AllianceBernstein, the group improved service levels, increased efficiency and drove employee satisfaction levels. He was also a member of the firm's Diversity Champions Council and Internal Mobility Committee.

✨GRESHAM HOUSE APPOINT NEW HEAD OF WHOLESALE RETAIL FUNDS✨ 

Gresham House has hired Chris Elliott, CAIA as head of wholesale retail funds, as the specialist alternative asset manager looks to bolster its reach among UK discretionary and advisory investors. Elliott will focus on developing and executing Gresham House's growth sales strategy across the wholesale retail funds business. He will work across the business's full range of open-ended and closed-ended strategies, with a particular focus on Gresham House's strategic equity funds. Elliott joins from LGBR Capital, where he spent seven years as head of strategic partnerships, following a period as sales director. During this time, he oversaw AUM growth across the business's range of funds through the creation of distribution strategies, while managing the launch of new strategies from seed funding. He previously worked as a business development manager at Matrix Asset Management, building the business's distribution capacity across the UK and Europe. Elliott also has experience working as a private wealth manager based in New Zealand for Goldman Sachs. Rupert Robinson, director at Gresham House, said: "Chris' experience in wholesale distribution will be invaluable as we look to extend the reach of our public and private equity funds offering. We are confident his expertise will enable Gresham House to deliver further AUM growth and market penetration by highlighting the strength of our full range of strategies, as well as the broader benefits alternative investments can bring to investors." The appointment comes as Gresham House delivered strong growth as part of a five-year strategic plan, with AUM increasing by 42% to £4bn - including organic growth of £1bn - over the course of 2020. The business has also enhanced its international presence with the recent acquisition of Dublin-based Appian Asset Management.

✨HSBC ASSET MANAGEMENT NAMES A NEW HEAD OF RESPONSIBLE INVESTING TEAM✨ 

HSBC Asset Management is reorganising its responsible investment team, with Stuart Kirk taking over the role of head of responsible investment as Melissa McDonald leaves the firm, while Erin Leonard, CFA is set to lead its newly created sustainability office. Leonard has spent over a decade at HSBC, most recently as interim global head of institutional business, while also leading the firm's responsible investment initiative. In her new role as global head of sustainability, she will continue to be based in London and report to HSBC AM's CEO Nicolas Moreau. The new sustainability office will be responsible for the delivery of HSBC AM's sustainability strategy and the business-wide transition to sustainable investing, including topics such as diversity, equity and inclusion. Moreau said: "The creation of our Sustainability Office reflects the strategic importance of sustainability to our business and will enable us to be at the leading edge of this change. "I'm confident that under Erin's leadership, we'll be able to take our sustainability proposition to the next level, and open up a world of sustainable investment opportunities." Meanwhile, Kirk takes over from McDonald as head of responsible investment, as she has decided to take up a new role outside of the asset management industry and will be leaving the firm at the end of August. Kirk joined HSBC AM in September 2020 as global head of research and insights and will retain his existing responsibilities, while expanding his role from 12 July. Reporting to global CIO, Xavier Baraton, Kirk will lead a team responsible for ESG integration across asset classes, the firm's engagement and voting efforts, as well as new ESG product development and thematic research. Baraton said: "Responsible investing underpins all of our investment decisions and I'm delighted to be appointing Stuart to lead our efforts in this important area. "Stuart's experience in managing research teams and on ESG and climate related issues make him ideally placed to lead our responsible investment team, continue to raise our standards and champion collaboration and innovation across our investment platform."

✨DEUTSCHE BANK NAMES A NEW HEAD OF HONG KONG INVESTMENT BANKING✨ 

Deutsche Bank has hired Jeffrey Wong from Goldman Sachs (NYSE:GS) to be the bank's head of Hong Kong investment banking coverage. Wong spent more than a decade at Goldman Sachs where he led the coverage of Hong Kong-based corporate clients, said the memo sent by Mayooran Elalingam Deutsche's head of investment banking coverage and advisory for Asia Pacific. A Deutsche spokeswoman confirmed the contents of the memo. Wong recently worked on the sale of Mead Johnson's Greater China business to Primavera, the public filings for the APM Monaco IPO by TPG in Hong Kong and the Li Ning SPAC.

✨CREDIT SUISSE ADD TO THEIR INDUSTRIALS BANKING TEAM✨ 

Credit Suisse have snapped up a Morgan Stanley banker to take on a senior role within its global industrials group as the scandal-hit Swiss lender seeks to revamp its investment banking team after a series of recent departures. Kyle Berry is set to join Credit Suisse as a managing director in the global industrial group on July 19 and will focus on business services across Europe, the Middle East and Africa, according to market news and confirmed by a spokesperson for the bank. The appointment comes amid efforts by Switzerland's second-largest bank to retain staff after the Greensill Capital and Archegos Capital Management scandals hammered its share price and set off a wave of departures. The talent outflow was particularly felt in the United States where Credit Suisse lost at least 15 bankers including Stephanie Ruiz, a managing director within the global industrials investment banking arm who moved to JPMorgan in June. An 11-year veteran of Morgan Stanley, Berry has held posts in both Britain and South Africa where he started his career in 2006 as part of Nedbank's corporate finance and equity derivative team in Johannesburg. Most recently he represented a wide range of business services clients including Swedish alarm company Verisure, British catering firm Compass Group and U.S. private security firm Allied Universal. He will be based in London where he will report to Gregory Dalle and Pierre Lescastéreyres the bank's co-heads of the industrials and energy franchise for EMEA.

✨PACIFIC ASSET MANAGEMENT NAMES A NEW HEAD OF DIRECT INDEXING AND QUANTITATIVE INVESTMENTS✨ 

The former head of trading at Deutsche Bank has joined Pacific Asset Management in a newly created role as head of direct indexing and quantitative investments. Ross Wright joins Pacific Asset Management after 15 years at Deutsche Bank, originally joining the firm in 2003 as head of trading for fund linked products. Wright went on to work at Deutsche Bank’s asset management arm, DWS Group, as head of trading for alternative fund solutions, becoming head of trading for global investment solutions at Deutsche Bank in 2016. Prior to joining Deutsche Bank, he spent six years at UBS as director for equity exotics, equity index and proprietary trading. “Ross brings extensive derivatives trading and first-class risk management expertise which will be hugely important to the business as we look to expand our direct indexing and systematic investing capabilities,” said Matthew Lamb chief executive officer at Pacific Asset Management. “Pacific has always had a strong focus on technology, infrastructure and risk management and we are delighted Ross is joining the team to help us continue to deliver forward-looking strategies for our clients.”

✨CREDIT SUISSE HAVE NAMED A NEW CHIEF TECHNOLOGY & OPERATIONS OFFICER✨ 

Credit Suisse has appointed a former Goldman Sachs engineering executive with 30 years’ experience as chief technology and operations officer, effective from 1 January next year. Joanne Hannaford joins the Swiss investment bank after 24 years with Goldman Sachs, most recently serving as head of technology for EMEA and global head of quality assurance engineering. Hannaford held several senior roles during her tenure at Goldman Sachs, initially as vice president of statistical engineering and investment research and notably as co-head of enterprise platforms and global head of resiliency. She was named partner at the bank in 2014. Prior to Goldman Sachs, Hannaford worked at Natwest Markets as executive director for global volume trading systems and at UBS as vice president for equities analytics. In her new role, she will be based in Zurich and report directly to Credit Suisse CEO Thomas Gottstein. She replaces James Walker who has been appointed deputy CEO at Credit Suisse but will remain as operations chief until the end of this year. “Joanne’s expertise in leading technological changes as well as implementing digital strategies will be key as Credit Suisse further focuses on technology to deliver value for its clients,” Gottstein commented on the new appointment. “I am very much looking forward to the new perspectives Joanne will bring to the Executive Board. I also would like to thank James for his services over the past years in his role as chief operating officer and look forward to continue working with him.” Hannaford is the second Goldman Sachs veteran to depart for another investment bank recently after Citi confirmed it had appointed former Goldman Sachs senior trader Matt Grosshans as director in the US high yield trading team in June.

✨MORGAN STANLEY HAVE A FLURRY OF PROMOTIONS IN THEIR TECHNOLOGY TEAM✨ 

Morgan Stanley has promoted several technology investment bankers to be the next generation of leadership at one of the investment bank’s most important franchises. The New York-based firm has named David Chen Co-Head of Global Technology investment banking, alongside current Co-Heads Michael Grimes and Drew Guevara. Owen O'Keeffe is now Co-Head of Global Technology M&A, joining Mike Wyatt and Anthony Armstrong. Pedro Costa will now be sole Head of North American Technology M&A. Kate Claassen was appointed Head of West Coast technology, and she’ll remain Co-Head of Global Internet along with Umi Mehta. Bill Frauenhofer has been named Head of West Coast Technology and will also stay Head of Global Semiconductors. The bank said it had also started an initiative called disruptive commerce and technology to pursue opportunities in e-commerce and direct-to-consumer retail. Other banks have formed similar groups as the lines between internet and consumer companies start to blur. Tech banker Kyle Corcoran, along with Farid Foroughi in the global consumer retail group, will be Co-Head of the initiative, the memo said. Morgan Stanley has advised on tech deals including Nvidia Corp.’s $40bn deal for Arm Ltd. and Advanced Micro Devices Inc.’s $35bn takeover of Xilinx Inc. It also advised Cloudera Inc. on its $5.3bn deal to go private earlier this year.

✨JP MORGAN TO RAISE PAY FOR FIRST YEAR INVESTMENT BANKERS TO $100,000✨ 

JPMorgan is raising base pay for investment-banking analysts, Insider has learned. Wall Street’s biggest bank by assets is hiking pay for young talent, meaning first-year analysts in the investment bank will now make $100,000 before bonus. This appears to be in line with changes Insider previously reported at some other firms – Guggenheim Securities, for instance, bumped first-year analyst base pay from $85,000 to $100,000 in May. This spring, JPMorgan was among the banks that didn’t offer junior bankers tens of thousands of dollars in one-time bonuses, base pay bumps, and special perks like Peloton bikes and all-expense-paid vacations. Young bankers have been pushed to the breaking point with heavy deal work over the past year – much of it done in isolation while working from home – and a talent war has reached a fever pitch as attrition picks up. Instead, JPMorgan’s investment banking co-heads told Bloomberg in April that they were focused on hiring as well as time away from the computer to ease young bankers’ workloads. The firm this spring hired 65 analysts and 22 associates, co-head Jim Casey said, and there were plans to hire 100 more bankers and support staff.

✨BARCLAYS GLOBAL HEADS RESHUFFLE THE PACK✨ 

According to market source, Naz Al-Khudairi, who global head of electronic trading at Barclays, has left the bank after joining the institution from Credit Suisse in 2018. This departure follows a number of big moves that include the head of electronic equities and quant prime services for Europe, Nej D'jelal, who joined UBS and Matthew Cousens, head of execution sales, who left for Citi.

✨DEUTSCHE BANK MAKES SOME BIG CHANGES IN CHINA✨ 

Rowena Chu, vice chair of Greater China investment banking coverage at Deutsche Bank AG, has left the firm after working there for 20 years, people with knowledge of the matter said. Chu was named chair of Hong Kong investment banking in 2019 and previously led the bank’s equity capital market in Asia. Before joining Deutsche Bank in 2001, Chu held roles at firms including Merrill Lynch & Co. and JPMorgan Chase & Co., according to her LinkedIn profile. The bank hired Andrew Ma as the head of TMT coverage for China, according to market news. The Hong Kong-based banker was most recently responsible for coverage of China TMT at Barclays Plc. Prior to Barclays, Ma also held roles at Macquarie Capital and Credit Suisse Group AG, the memo said. The bank also named Yusof Yaacob the head of TMT for Southeast Asia, in addition to his existing role as chief country officer for Malaysia.

✨BARCLAYS TO CONSOLIDATE INVESTMENT BANK IN CANARY WHARF HQ✨

Barclays said on Wednesday it will move its investment bank staff in London into its nearby headquarters, consolidating office space in the Canary Wharf financial district. The British bank said it would vacate 5 North Colonnade, where the investment bank is based, by the end of 2022 and plans to renovate its towering 32-story One Churchill Place building. Barclays said the move was part of a long-term review of its property footprint, as banks worldwide cut back on real estate amid a shift to more home working during the COVID-19 pandemic. The bank has in recent years been shifting from scattered locations across countries in which it operates into a 'campus' model of consolidating offices in one place. In 2018 Barclays opened such an office complex in Whippany, New Jersey, bringing together operations and technology staff from across the Americas. It also has campuses in Glasgow, Scotland and Pune in India.

✨CITIGROUP'S CO-HEAD OF GLOBAL BUILDING PRODUCTS INVESTMENT BANKING GROUP TO STEP DOWN AND RETIRE✨

A senior dealmaker who has spent three decades at Citigroup is stepping down. Cyrus Shabi, Co-Head of its global building products investment banking group, will retire from Citigroup, according to market news. It marks the end of a 30-year career at the bank for the veteran dealmaker, with the memo from European investment bank boss, Nacho Gutiérrez and Citi’s co-heads of industrials investment banking Maria Hackley and Wes Walraven saying he will be missed for his “great expertise”. “Cyrus has developed into the foremost investment banker in the building products and cement industry and has maintained a leading franchise over many years, where he has originated and executed the most notable transactions in the sector,”. Shabi co-headed the team alongside New York-based Richard Moriarty. His departure is the latest change to Citi’s industrials coverage team. David Biller and Jean-Baptiste Petard were promoted to co-heads of industrials for Europe, the Middle East and Africa in March.

✨BARCLAYS HIRES HEAD OF REAL ESTATE INVESTMENT BANKING FROM JP MORGAN✨ 

Barclays has hired a senior dealmaker from JPMorgan to leads its real estate investment banking unit in Europe. The UK lender has named Bronson Albery as head of real estate investment banking for Europe, the Middle East and Africa, according to a statement from the bank. He is set to join in August and will report to Richard Landgarten, global head of healthcare and real estate banking, and Reid Marsh, head of banking for Europe, Middle East and Asia Pacific. Albery is a 22-year veteran of JPMorgan, joining as an associate in its M&A division. He has led its UK real estate investment banking unit since 2016. Barclays' real estate investment banking team has been led by Will Thompson for the past 18 months. He will now focus on leading its healthcare advisory unit. Peter Struempell will relocate from London to Frankfurt to lead its German real estate franchise.

✨MORGAN STANLEY TO BAN ALL NON-VACCINATED STAFF FROM NEW YORK OFFICE✨ 

Major American investment bank Morgan Stanley will be barring employees who are not immunized against COVID-19 from entering its New York offices, according to an internal memo obtained by the Financial Times. “Starting July 12 all employees, contingent workforce, clients and visitors will be required to attest to being fully vaccinated to access Morgan Stanley buildings in New York City and Westchester,” the memo reportedly read. Employees who are unable to show that they are fully vaccinated will lose building access. The memo was signed by chief human resources officer Mandell Crawley. The bank has reportedly already implemented “vaccine-only” workspaces across different business lines. This news comes about a week after Morgan Stanley CEO James Gorman said that employees at their New York branch would be expected to come in to the office soon. "By Labor Day, I'll be very disappointed if people haven't found their way into the office, and then we'll have a different kind of conversation," Gorman said. "If you want to get paid New York rates, you work in New York," "None of this 'I'm in Colorado ... and getting paid like I'm sitting in New York City.' Sorry. That doesn't work," he added. Gorman clarified that the company would not be "dictatorial" in its policies and would maintain some flexibility in terms of working from home.

✨CITI HIRES A NEW SENIOR TRADER FROM GOLDMAN SACHS✨ 

US investment bank Citi has expanded its flow credit trading business in North America after hiring a senior trader from Goldman Sachs. Matt Grosshans is set to join Citi as a director within the US high yield trading business in September after more than a decade with Goldman Sachs, according to market news. Grosshans spent the majority of his time at Goldman Sachs in high yield trading, most recently as a senior high yield credit trader. He was previously a structured credit analyst at Goldman Sachs. Grosshans is ranked highly across many of largest clients in the high yield market. “He is a tremendous leader and an extremely selfless team player. One of his biggest strengths is the degree that he makes everyone around him better. We look forward to seeing the growth his leadership will bring to the high yield business as well as the broader flow credit franchise,” a senior source at Citi added. The senior hire at Citi follows its plans to combine the electronic and portfolio trading teams in North America as it looks to centralise its risk taking across global spread products. The combined business, known as GSP Quantitative Trading, will focus on market making, risk taking in algo trading and portfolio trades in spread products.

✨UBS ANNOUNCES PLANS FOR STAFF AFTER COVID✨

UBS is planning to let up to two-thirds of its employees permanently combine working remotely with being in the office, in stark contrast to some Wall Street banks. A spokesperson for the Swiss investment bank said it was “committed to offering our employees the flexibility for hybrid working (a mix of working from the office and from home) where role, tasks and location allow.” “Hybrid work options will be introduced on a country-by-country basis, with timing dependent on the local pandemic situation,” they said. UBS hopes the flexibility will boost its attractiveness as an employer in the banking sector. It has not yet set a date for employees’ return to the office. Only UBS workers in roles which require them to be in the office, such as those in supervisory positions, or in trading and branch roles, will have less flexibility, the bank said. However, an internal analysis of the 72,000 UBS employees globally showed that around two-thirds are in roles that would allow them to combine working remotely and in the office.

✨CITI APPOINT NEW CO-HEADS OF CONSUMER PRODUCTS INVESTMENT BANKING✨ 

Citigroup has named new co-heads of its consumer products investment banking business for Europe, the Middle East and Africa as part of a push to reinforce its presence in key industries, according to market reports. Emre Eler and Robert Plowman will share responsibilities for the consumer business in EMEA which has been identified as a core area for growth as companies across the world adjust to changing consumer habits. "The consumer products sector is undergoing a fundamental transformation, driven by both digitisation and sustainability," said Nacho Orrantia-Gutierrez, Citi's new head of EMEA banking, capital markets and advisory. "These megatrends are expected to underpin significant business activity in the coming years as our clients adapt to meet consumer demands for a more sustainable, accessible and healthy lifestyle," he added. The Wall Street bank has also elevated Italian banker Roberto Costa - who recently advised on LVMH's acquisition of Tiffany and Moncler's purchase of Stone Island - to head its luxury investment banking business globally. He will report to both Orrantia-Gutierrez, who took over in May, and the bank's global consumer and retail head Clayton Hale. The latest appointments follow Citi's decision to launch a new franchise in New York focusing on global healthcare, consumer and wellness to better coordinate its existing operations and respond to a growing convergence among fast-changing sectors.

✨GOLDMAN SACHS PARTNER WITH CRYPTO FIRM GALAXY DIGITAL✨ 

Goldman Sachs has begun trading Bitcoin futures with crypto merchant bank Galaxy Digital. Goldman Sachs is the first major U.S. bank to begin trading cryptocurrency. According to Damien Vanderwilt, current Galaxy co-president and former Goldman partner, this move will get more banks on board with crypto trading, saying there is “safety in numbers”. Galaxy will be serving as Goldman Sachs’ “liquidity provider” on CME Group Bitcoin futures. As such, Galaxy will be providing quotes for buy and sell orders. This partnership will help Goldman Sachs and its clients gain exposure to crypto, even as banks still cannot handle cryptos directly due to strict industry regulations. Goldman Sachs and Vanderwilt, who was a senior Goldman trading exec at the time, had planned to set up crypto desks in 2017, but ended up shelving their plans in 2018 due to Bitcoin’s risky and speculative nature, as well as regulatory concerns. The bank announced the relaunch of its crypto desk in March, an announcement that also included plans to explore the potential of a Bitcoin ETF. Galaxy Digital Trading makes markets in over 90 digital assets, working with more than 300 institutional trading counterparties. Galaxy Digital Trading is rapidly expanding its network, adding over 100 new institutional trading counterparties since the beginning of 2021.

✨BARCLAYS NAMES A NEW EMERGING MARKETS SALES CO-HEAD✨ 

Barclays has appointed an emerging markets sales co-head from Credit Suisse to lead its emerging markets macro and local sales for Europe, the Middle East and Africa (EMEA).Burcu Korkutozturk will join Barclays as head of EMEA emerging markets macro and local sales in September, reporting directly to Filippo Zorzoli, head of macro and solutions sales for EMEA and Asia Pacific. In her new role, she will be responsible for covering local markets clients in Turkey and EMEA across products, as well as coordinating the distribution of emerging markets macro products to money managers globally. A spokesperson at Barclays confirmed the appointment. Korkut joins Barclays after almost 20 years at Credit Suisse, most recently heading up emerging markets sales within the bank’s global trading solutions division. She was also vice-chairman of the board of Credit Suisse Turkey. Barclays alongside other major sell-side institutions have been bolstering their emerging markets offerings in the last year to diversify their offerings and generate new sources of alpha.

✨AXA INVESTMENT MANAGERS NAMES A NEW GLOBAL HEAD OF FIXED INCOME✨ 

AXA Investment Managers (AXA IM) has promoted Marion Le Morhedec to global head of fixed income, from head of active fixed income for Europe and Asia, a role she has held since 2019. Le Morhedec, who starts in her new role immediately, will lead AXA IM's global fixed income business and reports to Hans Stoter, global head of AXA IM Core. Stoter took over as global head of fixed income when he started at AXA IM in June 2018 and in January 2019 was promoted to his current position. Le Morhedec joined AXA IM from BNP Paribas in 2003 as a product manager and has held various positions at the company. AXA IM has also appointed Christophe HERPET as deputy head of fixed income and global head of fixed income for AXA, reporting to Le Morhedec. Both Le Morhedec and Herpet, who are based in Paris, will retain their current portfolio management responsibilities. Stoter said: "The new organisation of our fixed income team enables us to better capture and answer client demand for truly global, conviction-led and ESG embedded fixed income capabilities. "I am convinced that Marion's indisputable leadership skills and deep expertise in fixed income, alongside Christophe's robust experience in managing the AXA Group's assets, will not only generate value for clients but also for our internal teams."

✨UBS APPOINTS NEW HEAD OF EXECUTION FROM MORGAN STANLEY IM✨ 

UBS has hired the global head of equity trading at Morgan Stanley Investment Management to lead its recently launched outsourced trading business in the US. Jonathan Slavin has been appointed head of execution hub for the Americas at UBS after most recently leading equity trading for the buy-side business at US investment bank Morgan Stanley. Sherri Cohen also joins the US outsourced trading team at UBS from Morgan Stanley Investment Management as head of business development for the Americas, who will report locally to Slavin. She previously ran global emerging markets trading and led the infrastructure development of trading systems and trading COO functions at Morgan Stanley Investment Management. Slavin has been tasked with establishing and running the US outsourced trading team, reporting locally to Todd Lopez, head of execution services for the Americas, and globally to Mark Goodman, global head of UBS execution hub. Slavin has extensive buy-side trading experience, having held several senior trading roles at PIMCO, Weiss Multi-Strategy and Sigma Capital prior to his time at Morgan Stanley Investment Management. Cohen also brings a wealth of previous buy-side experience to the role, serving across Sogen Funds, GE Asset Management and State Street Bank before joining Morgan Stanley. The appointments at UBS follow news last month that the Swiss investment bank was planning to launch a US outsourced trading desk. The new US ‘execution hub’ aims to cut costs and take the pressure off asset managers and hedge funds.

✨SOCIETE GENERALE NAMES TWO NEW CO-HEADS OF GLOBAL MARKETS DIVISION✨ 

Societe Generale has confirmed the appointment of two co-heads of its global markets division as Jean-François Grégoire departs after just over two years in the position. Sylvain Cartier and Alexandre Fleury will take over from Grégoire who is pursuing opportunities outside of the French institution. Both will retain their current positions as head of credit, fixed income and currencies, and head of equities and equity derivatives respectively. Grégoire, who has been with Societe Generale since 1996, was appointed head of global markets in early 2019 as the firm outlined drastic cost-cutting plans across its investment banking and markets business, which has struggled in the past two years. In November, Societe Generale confirmed plans to cut more than 600 jobs in France under plans to restructure and cut costs across its credit and equity derivatives structured business following huge losses on structured products in early 2020. Societe Generale added that securities services and other divisions including risk, compliance, HR and communications, may also undergo cost-cutting restructures to improve operational efficiency. “This new management structure of the market division, tighter and under my direct supervision, will allow to strengthen day-to-day cooperation, alignment and agility within global markets, which is essential for the proper execution of our strategic initiatives and the added value we provide to clients,” said Slawomir Krupa, head of global banking and investor solutions at Societe Generale. “On behalf of the general management, I would like to thank Jean-François Grégoire for his contribution to the development of our markets activities around the world these past few years and, more recently, for overseeing the successful repositioning of the product range after the impacts of the crisis in 2020.”

✨JP MORGAN'S PLANS FOR DIGITAL BANK IN THE UK SUPPORTED BY THE ACQUIREMENT OF DIGITAL WEALTH MANAGER NUTMEG✨

US-based investment bank JPMorgan Chase is set to acquire digital wealth manager Nutmeg to support the upcoming launch of its digital bank in the UK later this year. With more than £3.5bn of AUM and 140,000 clients, Nutmeg is expected to strengthen the bank’s retail digital wealth management offering globally, over the long term. Nutmeg CEO Neil Alexander said: “Thanks to the trust and support of our clients over the past decade and the continuous hard work of all Nutmeg staff past and present, that Nutmeg has grown to be the successful business that it is today. “I know I speak on behalf of the entire Nutmeg team when I say that to manage the investments of our clients and help them to achieve their financial goals is a privilege and an honour – one which we look forward to continuing for decades to come.” Nutmeg assured its clients and investors that the products and services the company is currently offering will be unaffected by the acquisition. The transaction is expected to be completed later this year, subject to receipt of regulatory approvals.

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