A happy Jubilee weekend to all the movers and shakers in the City’s job market this week. Trading Places doesn’t take holidays, so here’s a roundup of the changes you need to know about.
The big news came out of Germany, as the chief executive of Deutsche Bank‘s asset-management subsidiary DWS Groupsaid he would step down hours after authorities raided their Frankfurt offices.
Asoka Woehrmann will be replaced by Stefan Hoops effective 10 June. Hoops will also take responsibility for asset management at group level at the German lender, whose offices were searched by law enforcement because of greenwashing allegations at DWS.
Staying in Europe, over at JPMorgan, the bank has doubled the number of staff in its European hub to nearly 1,300 as it completes the rollout of its Brexit plans.
The US investment bank has been transferring staff and building out significant presence in France and Germany as it completes its planned Brexit transition, with biggest increase seen in Paris, where staff numbers swelled from 78 to 379 over the course of 2021.
JPMorgan also shook up the senior ranks of its debt capital markets team after a series of promotions. Tom Cassin, who was most recently global head of investment grade finance, has been named vice-chair of JPMorgan’s global DCM business.
Over in asset management, a Fidelity Investments subsidiary launched a few years ago to let institutional investors store and trade bitcoin plans to double its headcount this year as it predicts rising demand for cryptocurrency amid market volatility.
Fidelity Digital Asset Services plans to hire 110 tech workers, including engineers and developers with blockchain expertise, to build digital infrastructure to support services for cryptocurrencies beyond bitcoin, said Tom Jessop, its president.
Meanwhile, in the world of fintech, the chief executive of embattled buy-now-pay-later company Klarna drew criticism for publishing a list of the hundreds of employees he has let go.
Sebastian Siemiatkowski posted the list on LinkedIn, a week after announcing job cuts for about 10% of Klarna’s global workforce. The 565 so-called “Klarnauts” volunteered to have their names added to the list in an apparent effort to help them find new jobs.
Wealth manager Quilter has appointed former PwC vice chair Glyn Barker as its new chair. Barker, who had a number of portfolio roles including senior independent director of Aviva since he left PwC, will join on 7 September, subject to regulatory approval.
“Quilter is a business which has completely transformed itself since its listing in 2018 and I am very much looking forward to playing a role in ensuring it fully delivers on its undoubted potential,” Barker said.
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