People moves: Capitolis lay-offs, UBS’s new risk chief, and more

Latest job changes across the industry

Fintech firm Capitolis has laid off 25% of its staff as depressed markets stifle growth in its recently launched capital marketplace unit, which connects institutional investors with banks in need of funding and capital.

James Kibbe, co-head of equity finance, and at least three other senior employees in the capital marketplace business – including James Reilly, head of equity and total return swaps funding solutions; Alan Siegler, vice-president for structuring; and Robert Paige Orr, who worked in the structured funding solutions team – are understood to be among those who have left the company in recent weeks.

The departures followed a rapid hiring spree over the previous two years, during which the firm more than trebled its workforce to around 160. Around 37 people will be leaving in the latest round of layoffs.

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Photo: Angela Straub

Christian Bluhm

Christian Bluhm has left UBS to become a full-time professional photographer. Bluhm had served as the Swiss bank’s chief risk officer since 2016, having joined from FMS Wertmanagement where he had spent five years in the same position. Prior to that, he spent five years at rival bank Credit Suisse – serving as head of credit portfolio management between 2004 and 2008; and as head of credit risk management analytics and instruments between 2008 and 2009. During his tenure at UBS, it suffered an $861 million loss following the collapse last year of Archegos Capital due to the prime brokerage services the bank had offered the investment firm.

Damian Vogel, chief risk officer for UBS’s global wealth management business, is set to replace Bluhm as chief risk officer. Vogel has worked at the bank for the past 12 years and has served as chief risk officer for its global wealth management business since 2018. He previously spent 10 years at Credit Suisse, joining in 1999 as a credit recovery specialist and leaving in 2010 after spending two years as director of credit risk management.

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Raymond Betita has left BNP Paribas, where he was head of USD swaps trading, to join Nomura. Betita had been working at the French bank for the past three years and previously spent almost 10 years at Deutsche Bank, joining in 2009 as part of the GBP swaps trading desk before becoming head of USD swaps trading between 2016 and 2019. Prior to that, he spent almost four years at Goldman Sachs as an analyst-associate.

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Kevin Broughton has left Mizuho, where he was head of USD rates trading, to join Wells Fargo as a macro rates trader based in London. Prior to joining the Japanese bank in 2021, he spent almost four years at RBC Capital Markets as vice-president of flow rates trading. Before that, he spent just under three years as associate director of rates trading at Scotiabank.

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David Glendinning

David Glendinning has left Societe Generale, where he spent four years as chief risk officer, to become group chief of staff at TP ICAP. Glendinning joined SocGen in 2014 as head of credit risk provisioning within the group risk department. Prior to that, he spent six years at prime services firm Newedge – which SocGen acquired in 2014 – having originally joined in 2008 as European head of internal audit before becoming group head of internal audit in 2010.

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Alex Roever has left JP Morgan after 26 years. Roever, who had been head of US interest rate strategy since 2013, joined the bank in 1996 as head of securitisation research, a role he held for eight years. In 2004, he joined the short-term fixed income strategy desk – where he worked until 2018 while also serving as head of JP’s municipal markets strategy between 2008 and 2011. Although it is not known what Roever’s next role will be, in a LinkedIn post announcing his departure he stated: “While this is the end of my time with JPM, I feel there are more adventures to be had, professionally and personally.”

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Rahul Verma has become Morgan Stanley’s new head of wealth management stress testing. Verma joined the US bank in 2018 as head of market risk scenario design. He had previously spent four years at the Federal Reserve Bank of New York, joining in 2014 as a systemic risk market specialist before becoming trading deputy lead for the Fed’s large institution supervision coordination committee in 2018. Prior to that, he spent two years as director of credit for Banes Capital Group. Morgan Stanley confirmed Verma’s appointment but declined to comment on reporting lines.

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Roberto Campos Neto

The Bank for International Settlements’ board of directors has appointed Roberto Campos Neto as chair of the BIS Consultative Council for the Americas, effective January 9, 2023. Neto is currently governor of the Central Bank of Brazil, a role he has held since February 2019 and which he will retain until his term ends in December 2024. He has previously worked as Santander’s head of markets for the Americas. In his new role, Neto succeeds John Williams, president and chief executive of the Federal Reserve Bank of New York.

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John Schindler has been appointed secretary general of the Financial Stability Board. He currently serves as senior associate director for the US Federal Reserve Board’s financial stability division, a role he has held for the past five years. Prior to that, he spent three years as the Fed’s assistant director and between 2012 and 2014 served as chief of its financial stability assessment division. He joined the Fed as an economist in 2000, before becoming chief of the macroprudential analysis division in 2011. In his new role, he replaces Dietrich Domanski, who has served as secretary general for the past five years.

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Prashant Yerramalli is to step down as chief of staff at the US Securities and Exchange Commission, effective December 31. He has held the position since 2021, initially working for acting chair Allison Herren Lee before Gary Gensler succeeded her in April. Yerramalli joined the SEC in 2014 as an attorney within the enforcement division, and served in the division’s asset management unit between 2015 and 2017. Between 2018 and 2020, he worked as counsel to SEC commissioner Robert Jackson.

Amanda Fischer will become the SEC’s new chief of staff upon Yerramalli’s departure. Fischer has worked as senior counsellor to Gensler since 2021 and before joining the SEC served as policy director at the Washington Centre for Equitable Growth, a non-partisan research organisation focused on economic policy. She previously spent more than a decade working on Capitol Hill in roles related to financial services policymaking – including as deputy staff director for the House Committee on Financial Services.

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Nashira Spencer has been appointed chief security officer at the Depository Trust and Clearing Corporation. She joins from Anywhere Real Estate, a provider of US residential property services, where she spent six years as chief technology officer. Spencer was director of information security at Prudential Financial between 2009 and 2011, and senior risk control officer at Citi between 2005 and 2009. In her new role, she will report to group chief risk officer Tim Cuddihy.