Spartan International Executive Search

✨JP MORGAN HAVE NAMED NEW CO-HEADS OF MID-CAP MERGERS AND ACQUISITIONS✨ JPMorgan Chase has named Andrew Castaldo and @Andrew Martin as co-heads of mid-cap mergers and acquisitions unit, housed within its commercial and investment bank, according to an internal memo seen by Reuters on Thursday. Castaldo, with 25 years of experience in dealmaking, has worked at the largest U.S. lender since 2014. He most recently served as the head of the energy M&A unit. Martin is set to join JPMorgan later in 2024, the memo said. He will be moving from rival Bank of America after an over 27-year stint at the second-largest U.S. lender. He led BofA's emerging growth regional coverage M&A business - an equivalent to JPMorgan's mid-cap investment banking team. JPMorgan serves more than 30,000 middle-market clients and advised on over 200 middle-market M&A transactions, below $2 billion, in 2023. More companies are striking deals and seeking to raise capital through debt or equity offerings, fueling expectations of a broad recovery in dealmaking following a years-long dry spell. In line with an industry-wide recovery, JPMorgan's investment banking fees surged 50% in the second quarter and sailed past Wall Street estimates for profits. In a separate memo on Thursday, JPMorgan also announced the appointment of @Ben Wilson as head of North America Energy, Power, Renewables & Mining (EPRM) M&A, succeeding Castaldo. Wilson returns to the bank after spending the last several years as senior managing director at Guggenheim Securities, leading M&A transactions across the energy, industrials and consumer and retail sectors. Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eMwMHupm

✨SPARTAN XTRA BY SPARTAN INTERNATIONAL - LOOK WHO'S MADE THE NEWS WITH THE CITY'S LATEST MOVES - No.370✨ The exclusive weekly edition of Spartan Xtra By Spartan International is now available. To receive your copy of the Spartan Xtra newsletter and see who is moving across the global landscape, subscribe now! 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. We are always available to assist you and your team. Please do get in contact for a discussion about your career, or any positions you are looking to recruit for. Spartan International has been publishing this newsletter offering since 2017. Sign up now for the latest City moves. Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/ewbc5RQB

✨CITIGROUP HAVE APPOINTED FORMER JP MORGAN EXECUTIVE TO OVERSEE INVESTMENT BANKING FINANCING✨ Citigroup has hired Achintya M. Mangla as head of financing for investment banking, a newly created role that signals the American bank's commitment to bolstering its dealmaking capabilities. Mangla, who spent 22 years at JPMorgan, will begin his new position on 4 September, reporting directly to Viswas Raghavan, Citigroup's head of banking. In his new role, Mangla will oversee global debt capital markets, equity capital markets, syndicate and private capital markets. He will also lead Citigroup's private credit strategy and work to forge partnerships with other divisions, including wealth management and markets. The appointment reunites Mangla with his former boss Raghavan, who joined Citigroup in February after leaving his position as global co-head of investment banking at JPMorgan. Industry insiders had widely anticipated Mangla's move to Citigroup following Raghavan's departure from JPMorgan. Raghavan praised Mangla's experience and leadership qualities in an internal memo, stating, "Achintya is a proven leader with a track record of building and leading high-performing teams that deliver innovative, globally minded solutions to clients." Mangla's extensive background includes roles across multiple asset classes and regions, having worked in Asia, Europe, the Middle East and Africa, and the United States. Most recently, he served as head of global equity capital markets at JPMorgan. The creation of this new position at Citigroup comes as part of chief executive officer Jane Fraser's ongoing efforts to revitalise the bank's performance. However, the addition of another management layer appears to contradict Fraser's push for delayering within the organisation. Current heads of various financing divisions at Citigroup, including Richard Zogheb in debt capital markets and Douglas Adams and James Fleming in equity capital markets, will now report to Mangla. As Citigroup continues to attract top talent, industry observers will be watching closely to see how Mangla's appointment impacts the bank's competitive position in the global investment banking landscape. The move also raises questions about potential further reshuffling within Citigroup's senior ranks as Raghavan settles into his role and shapes his team. Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/etz3UADA

✨JP MORGAN HAVE NAMED THEIR NEW CO-HEAD OF M&A FOR EUROPE✨ JPMorgan Chase & Co. has appointed veteran banker Cassander Verwey as co-head of its mergers and acquisitions business in Europe, Middle East and Africa. Verwey, who has been JPMorgan’s head of investment banking in the Netherlands as well as senior country officer for the last five years, will take on the new role effective immediately, according to an internal memo seen by Bloomberg News. He’ll serve as co-head alongside Dwayne Lysaght. The banker will continue to be based in Netherlands and report to Anu Aiyengar, JPMorgan’s global M&A head, the memo shows. The contents of the memo were confirmed by a spokesperson for the bank. Verwey will also continue on his role as the senior country officer for the Netherlands for a transitional period. He previously led the M&A and corporate finance business for Belgium, the Netherlands and Luxembourg for more than 11 years. The appointment follows the departure of Carsten Woehrn, who joined Goldman Sachs Group Inc. earlier in the year. Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eNk63g-n

✨GOLDMAN SACHS IS SET REDUCE THE GROUP'S WORKFORCE AS PART OF ITS ANNUAL REVIEW✨ US investment banking group Goldman Sachs is reportedly set to reduce the group’s workforce by a few hundred employees as part of its annual review process. The layoff will target underperformers, reported Reuters, citing an undisclosed source with knowledge of the matter. Goldman Sachs expects to start the job cuts in the next few weeks, spanning across the bank. It is also anticipated that the process will take a few months to complete. The investment bank resumed performance-related job cuts in 2022 after pausing the practice for two years due to the COVID-19 pandemic. Last year, this exercise reportedly resulted in the dismissal of 1% to 5% of Goldman Sachs’ staff. Conducted under the group’s strategic resource assessment, the cuts have varied depending on market conditions and the bank’s financial outlook. As of 30 June 2024, Goldman Sachs employed 44,300 people globally. The bank undertook several rounds of workforce reductions in 2023, driven by a slowdown in dealmaking and the impact of high interest rates on the macroeconomic environment. A Goldman Sachs spokesperson has been quoted by Reuters as saying: “Our annual talent reviews are normal, standard and customary, but otherwise unremarkable. “We expect to have more people working at Goldman Sachs in 2024 than 2023.” In July 2024, Goldman Sachs reported a 150% increase in its net earnings for the second quarter of 2024 (Q2 2024) at $3.04bn compared to $1.21bn reported in the same quarter of the previous year. The net revenues of the American investment banking group were $12.73bn, a 16.8% growth from the net revenues of $10.89bn made in Q2 2023. For the first half of 2024, Goldman Sachs’ net revenues and net earnings were $26.94bn and $7.18bn, respectively. The Wall Street Journal reported that the job cut could affect up to 1,800 employees, representing 3% to 4% of Goldman Sachs’ workforce. However, Reuters stated that Goldman Sachs refuted the accuracy of the numbers reported by The Wall Street Journal. Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eaaR6mUA

✨SPARTAN XTRA BY SPARTAN INTERNATIONAL - LOOK WHO'S MADE THE NEWS WITH THE CITY'S LATEST MOVES - No.369✨ The exclusive weekly edition of Spartan Xtra By Spartan International is now available. To receive your copy of the Spartan Xtra newsletter and see who is moving across the global landscape, subscribe now! 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. We are always available to assist you and your team. Please do get in contact for a discussion about your career, or any positions you are looking to recruit for. Spartan International has been publishing this newsletter offering since 2017. Sign up now for the latest City moves. Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/exxRixbC

✨UBS NAMES GLOBAL BANKING BRAZIL CHIEF & CO-HEADS OF LATAM MARKETS✨ UBS Group AG named Anderson Brito as its new head of global banking Brazil, part of broad leadership changes at its investment bank in Latin America. Brito, who has been at UBS since 2010, will lead teams for mergers and acquisitions, as well as equity and debt capital markets in Brazil, according to an internal memo seen by Bloomberg. Marcelo Okura and Diogo Lima, CQF will become UBS’ co-heads of global markets Latin America. Okura was previously head of Brazil financing sales and origination while Lima had been head of Latin America equity derivatives sales, according to the memo. All three are based in Sao Paulo. The changes come nearly three months after Daniel Bassan was named as head of Latin America and country chief for Brazil, taking over from longtime executive Sylvia Coutinho. Brito replaces Bassan in his previous role, while the global markets role was held by Daniel Barros, who has since become chief executive officer of UBS BB, according to a person familiar with the changes. Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eFHJ4_P9

✨CITIGROUP SEES MORE DEALMAKING ACTIVITY COMING IN ASIA✨ Dealmaking activity in Asia Pacific is set to grow over the coming quarters amid a boom in markets including India, Taiwan and Japan, and a strong pipeline of transactions from China, according to Citigroup Inc.’s head of investment banking in Asia Pacific Jan Metzger.“ We’ve been incredibly busy across Asia, but in particular in Taiwan and India,” Metzger said on Wednesday during a Bloomberg Television interview. “We’ve seen a huge surge of activity.” In India, there’s a lot of demand as the country is growing quickly, Metzger said, adding that in Taiwan, new technology companies are generating fresh ways to engage with customers.“ The underlying economic activity and innovation in Asia is at an all-time high, and more exciting companies are being created than ever before,” Metzger said.China, which has recently been more subdued in terms of deal activity, is also poised to get busier based on a strong pipeline and the creation of new unicorns, he said.“ When it does come, the next bull market run is going to be sustained long and high,” Metzger said, referring to China. That may be between six months to a year away, he added.The investment banker said he sees a lot of the big Chinese firms choosing Hong Kong as a listing destination, while the US is an “incredibly viable” listing location for entrepreneurs. Citi has topped equity capital market offerings in APAC so far this year, according to data compiled by Bloomberg. The bank has played a key role on convertible bond transactions for companies including Alibaba Group Holding Ltd. and Lenovo Group Ltd. It’s also one of the lead banks on the listing of Korean automaker Hyundai Motor Co.’s Indian unit. Another bright spot for deals has been the Middle East, and Citi has been “hugely active” helping investors looking for new kinds of technology and opportunities in sectors such as electric vehicles in China, Metzger said. To prepare for the potential uptick in dealmaking, he said the bank is looking to increase headcount in selective markets and sectors. A Citi spokeperson confirmed that Metzger was referring to Japan and India, and that the bank is positive on the healthcare, technology and consumer sectors. Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eYkkniWC

✨JP MORGAN HAVE HIRED A DEALMAKER TO LEAD THEIR CHINA TMT TEAM✨ JPMorgan Chase & Co. has hired @Yang Ruo to lead its China telecommunications, media and technology team, according to people familiar with the matter. Yang previously served as chief financial officer at Shopline Ltd. and Xiaohongshu Technology Co., and was a co-chief financial officer at Fosun, according to his profile on LinkedIn. He also worked as an investment banker at Citigroup Inc.He will be based in Hong Kong to help lead the China TMT franchise at JPMorgan, working on transactions including mergers and acquisitions and initial public offerings, the people said, asking not to be identified because the matter is private. Yang’s hire follows the departure of Crystal Zhu earlier this year. Zhu, the former head of China TMT at JPMorgan, left to join rival Morgan Stanley, Bloomberg News reported in May. She had been at JPMorgan for about 15 years and worked as a managing director since 2019. JPMorgan has played an active role on large deals in China this year, such as the sale of convertible bonds by some of the biggest companies in the country, including Alibaba Group Holding Ltd., Trip.com and Ping An Insurance Group Co. The lender has also been a key adviser on some M&A deals this year, including the take private of L’Occitane International SA. Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eVExRdqG

✨SPARTAN XTRA BY SPARTAN INTERNATIONAL - LOOK WHO'S MADE THE NEWS WITH THE CITY'S LATEST MOVES - No.368✨ The exclusive weekly edition of Spartan Xtra By Spartan International is now available. To receive your copy of the Spartan Xtra newsletter and see who is moving across the global landscape, subscribe now! 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. We are always available to assist you and your team. Please do get in contact for a discussion about your career, or any positions you are looking to recruit for. Spartan International has been publishing this newsletter offering since 2017. Sign up now for the latest City moves. Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eeFAGe4V