Senior Leadership Moves Within US Global Markets 2021 YTD

Sheffield Haworth US Global Markets team have tracked over 142 senior leadership moves in 2021 year to date.  Overall Hiring and Promotion trends YTD:The following chart shows the overall trend in leadership moves since the beginning of 2021, where we see movement trending upwards with a spike in September. In 2021 YTD, 61% of senior leadership movement were attributed to hires and 27% promotions. 

 Hiring and promotion trends by Major Asset Classifications:The following chart compares the hiring and promotion trends between the major classification in Global Markets: FIC (Fixed Income & Currencies), Equities (Equity, Equity Derivatives, & Prime) & Others (which covers cross assets and CIB). We see FIC starting off the year with the most activities with a slight slump in February and March before picking up again for the summer and into its peak in September. Equities on the other hand peaked in May and have had steady movements for the rest of the year.  

 Gender balance amongst senior leadership in US Global Market, YTD:Regarding gender balance amongst the movements of senior leadership which we have tracked YTD, the gender split was 16% female and 84% male.

Female leadership movements is split by 59% new hires; 36% are promotion; and 5% departure.

Industry shifts in US Global Markets Senior Leadership hiring trend:We have also observed a movement trend in the industries, as there has been significant hiring activity of talent from the sell-side to buy-side firms and most of the movements have been across trading. We understand that two of the main selling points for buy-side firms is the flexibility in remote working that they offer and compensation structure. Notable moves to buy side this year include: 

• John Cortese, former Co-Head of Credit Trading at Barclays to Apollo to be Head of Global Credit Trading
• Shawn Faurot, former Head of US Credit Trading at Deutsche Bank to Sycamore Partners
• Matt Zhang, former Co-Head of Structured-Products Trading and Solutions division at Citi, has started his own cryptocurrency firm, Hivemind
• David Kim, former Head of US Equity Derivatives Trading at BoA to Citadel
• Moran Forman, former Equity Index Derivatives trader at Goldman Sachs to Rokos Capital
• Stacy Selig, former Co-Head of Global Sales Strats and Americas Structured Sales at Goldman Sachs to Millennium.
• Christopher Perkins, former Managing Director, Global Co-Head of Futures, Clearing & FX Prime Brokerage Business at Citi to CoinFund
• Michael Caperonis, former Co-Global Head of Equities & Head of Credit Trading Americas at Nomura to Apollo Management
• Mark Chen, former Head of Equity Flow Sales at Citi has joined Millennium
• Bankole Omodunbi, former Goldman Sachs, Global Head of Electronic Principal Trading Products has left to start his own financial technology company.
• Brett Fischer, former Head of Americas Electronic Equity Sales at JP Morgan has joined Tourmaline Partners.

Top 10 companies with the most departures YTD:

 CS and the Impact of Archegos:  

• Leadership changes: at CS Brian Chin, former Head of the Investment Bank was replaced by Christian Meissner, previously Global Head of CIB at Bank of America, who joined Credit Suisse in 2020. 
• Departures in Equity Sales, Trading & Prime Brokerage – 
  • there were several departures from CS: Paul Galietto, Head of Equities Sales & Trading & Prime Brokerage Co-Heads John Dabbs and Ryan Nelson stepped down
  • a team of 4 credit traders left for HSBC; Bill Bors a sales trader joined Barclays; 
  • Jason Vickery, Head of Program Trading joined Mizuho. 
  • Global Head of Prime Brokerage at Morgan Stanley, Ed Keller stepped down and was replaced by Penny Novick & Kim Shaw. 
  • Oliver Taylor, Global Equity Exotics Trading, EMEA Corporate and Convert Trading from JP Morgan, has joined Citi as Head of Americas Cash and Equity Derivatives Trading. 

Written by: Kimee Lee. For more information contact Kimee Lee, k.lee@sheffieldhaworth.com or Beatrice Collison, b.collison@sheffieldhaworth.com